Which of the following statements is true?
A)The COSO report failed to define internal control
B)The COSO report emphasized that an internal control system is a tool of management
C)SAS 78 rejected the definition of internal control provided in the COSO report
D)COBIT concluded that a company's management is not responsible for establishing and monitoring a company's internal control system

Question

Quizplus · Accepted Answer

The COSO report emphasizes that an internal control system is a tool of management. It provides a framework that management can use to structure and manage internal control activities effectively. The report aimed to define internal control, its components, and its objectives, which it successfully accomplished. SAS 78 did not reject the definition provided in the COSO report, and COBIT also emphasizes that management is responsible for establishing and monitoring a company's internal control system.

Which of the Following Statements Is True