According to the COSO Definition, Who Is Responsible for Internal

question 39

Multiple Choice

According to the COSO definition, who is responsible for internal control: (i) board of directors, (ii) managers, (iii) auditors.

• A) i and ii only.
• B) ii and iii only.
• C) i and iii only.
• D) i, ii and iii.

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Definitions:

Accounting Profit

The total revenue of a business minus explicit costs, representing the monetary gain recorded in financial statements.

Economic Profit

The gap between total income and all expenses, covering both explicit and hidden costs.

Mutual Fund

A type of investment vehicle that pools money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities.

Either-Or Decision

An either-or decision refers to a choice between two mutually exclusive options, where selecting one means forgoing the other.