Cortez Works for a Large Retailer That Sells Various Kinds

question 30

Multiple Choice

Cortez works for a large retailer that sells various kinds of linens (towels, sheets, blankets, pillow cases) . He recommends establishing an internal audit function to manage a comprehensive risk management plan. In the COSO enterprise risk management framework, his recommendation is most closely associated with: Control activities.

• A) Information and communication.
• B) Risk response.
• C) Risk assessment
• D) Risk assessment.

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Definitions:

Wages

Payments made to workers for their labor or services, typically calculated on an hourly, daily, or piecework basis.

Salaries

Fixed regular payments made by employers to employees, typically on a monthly or biweekly basis, in exchange for their work.

Wage Supplements

Additional benefits or payments made to employees on top of their regular wages, such as health insurance, retirement contributions, or bonuses.

Personal Income

The total earnings received by individuals, including wages, salaries, and other forms of income.