The COSO definition of internal control says that internal control is a process to achieve objectives in which of the following categories?
A)Compliance with applicable laws and regulations,usefulness of financial information for making decisions,and the ability of the company to continue in operation.
B)Usefulness of financial information for making decisions,reliability of financial reporting,and the ability of the company to continue in operation.
C)Reliability of financial reporting,the usefulness of financial information for making decisions,and compliance with applicable laws and regulations.
D)Effectiveness and efficiency of operations,reliability of financial reporting,and compliance with applicable laws and regulations.

Question

Quizplus · Accepted Answer

The COSO definition of internal control includes three categories of objectives: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. Option D includes all three objectives, making it the best choice. Option A does not include effectiveness and efficiency of operations, while option B only includes reliability of financial reporting and usefulness of financial information for decision-making, omitting compliance with applicable laws and regulations. Option C includes reliability of financial reporting and compliance with applicable laws and regulations but omits effectiveness and efficiency of operations.

The COSO Definition of Internal Control Says That Internal Control