According to COSO, internal control is a:
A)Process.
B)Set of rules.
C)Responsibility of employees only.
D)Requirement only for publicly-traded firms.

Question

Quizplus · Accepted Answer

COSO defines internal control as a process designed and implemented by management to provide reasonable assurance of achieving objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. Internal control is not just a set of rules, nor is it the responsibility of employees only. It is also not solely a requirement for publicly-traded firms, but is applicable to all organizations.

According to COSO, Internal Control Is A