The internal control framework used by most U.S. companies is the ________ framework.
A) FASB
B) PCAOB
C) COSO
D) SEC

Question

Quizplus · Accepted Answer

The most commonly used internal control framework in the U.S. is the COSO (Committee of Sponsoring Organizations) framework, which was developed by a private sector group and provides guidance on best practices for internal control. The FASB (Financial Accounting Standards Board), PCAOB (Public Company Accounting Oversight Board), and SEC (Securities and Exchange Commission) are regulatory bodies involved in financial reporting and oversight, but they do not provide a comprehensive framework for internal control.

The Internal Control Framework Used by Most U