Which of these is not one of the fundamental concepts in the COSO report's definition of internal control?
A) Internal control is a guarantee.
B) Internal control is a process.
C) Internal control is affected by people.
D) Internal control is geared to the achievement of objectives in the overlapping categories of financial reporting, compliance and operations.

Question

Quizplus · Accepted Answer

Internal control, as defined by the COSO framework, is not a guarantee of achieving an entity's objectives; rather, it is a means of providing reasonable assurance that the objectives will be achieved. The other options (B, C, D) are fundamental concepts of the COSO report's definition of internal control.

Which of These Is Not One of the Fundamental Concepts