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:

Justice

The principle of fairness and the administration of the law; dealing with the determination of rights and the assignment of rewards and punishments.

Culture

The shared values, beliefs, norms, and practices of a particular group of people, which influence their behavior and perceptions.

Employee Relations

The efforts and strategies employed by an organization to manage the relationship between the employer and employees.

Economic Recession

A significant decline in economic activity spread across the economy, lasting more than a few months.