Which of the following statements is true regarding the evolution of definitions of internal control?
A) The definition initiated by the Foreign Corrupt Practices Act in 1977 and included in the auditing standards took a narrow view that was specific to financial reporting.
B) COSO's 1992 framework expanded the definition to include categories for the effectiveness and efficiency of operations and compliance with laws and regulations.
C) COSO's 1994 framework expanded the definition to include the safeguarding of assets.
D) All of the above.

Question

Quizplus · Accepted Answer

All of the statements are true. The evolution of internal control definitions started with a narrow view focused only on financial reporting, but has since expanded to include effectiveness and efficiency of operations, compliance with laws and regulations, and safeguarding of assets, due to the efforts of organizations like COSO.

Which of the Following Statements Is True Regarding the Evolution