The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:
A) Internal Control - Integrated Framework by the Committee of Sponsoring Organizations.
B) Internal Control - Integrated Framework by the Congress of Special Offerings.
C) Internal Control Localized Structure by the Committee of Sponsoring Organizations.
D) Internal Control Localized Structure by the Congress of Special Offerings.

Question

Quizplus · Accepted Answer

The Internal Control - Integrated Framework is a widely accepted framework that was developed by the Committee of Sponsoring Organizations (COSO) in response to the need for a standard framework for designing, analyzing, and evaluating internal controls. The framework provides a comprehensive approach to internal controls, including components such as control environment, risk assessment, control activities, information and communication, and monitoring activities. It has become the standard by which companies design, analyze, and evaluate internal controls.

The Framework That Has Become Widely Accepted as the Standard