How is the Internal Control-Integrated Framework used by companies?
A) as a standard for designing, analyzing, and evaluating internal controls
B) as a standard for making statements about a company's finances to the public
C) as an extension of internal controls
D) as an extension of GAAP

Question

Quizplus · Accepted Answer

The Internal Control-Integrated Framework is primarily used by companies as a standard for designing, analyzing, and evaluating internal controls. It provides guidance and a common language for organizations to implement and assess their internal control systems. It is not directly used as a standard for making financial statements or as an extension of GAAP.

How Is the Internal Control-Integrated Framework Used by Companies