Internal control reports issued by public companies must identify the framework used to evaluate the effectiveness of internal control. Which of the following is the most common framework in the U.S.?
A) Enterprise Internal Control - COSO.
B) Effective Internal Control Framework - AICPA.
C) Enterprise Internal Control - AICPA.
D) Internal Control - Integrated Framework - COSO.

Question

Quizplus · Accepted Answer

The most common framework used in the U.S. for evaluating the effectiveness of internal control in public companies is the "Internal Control - Integrated Framework" developed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Internal Control Reports Issued by Public Companies Must Identify the Framework