Which of the following fundamental concepts is stressed by the 2013 COSO Report?
A)Internal control is not affected by people
B)Internal control is geared to the achievement of a company's objectives in the financial reporting area only
C)Internal control is designed to detect all errors and irregularities that occur within a company's system
D)Internal control is a process

Question

Quizplus · Accepted Answer

The 2013 COSO Framework emphasizes that internal control is a process, integral to achieving an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws and regulations. It recognizes that internal control is not foolproof, but a means to help an organization achieve its objectives.

Which of the Following Fundamental Concepts Is Stressed by the 2013