The largest differences between the COSO Integrated Control (IC)framework and the COSO Enterprise Risk Management (ERM)framework is
A)IC is controls-based,while the ERM is risk-based.
B)IC is risk-based,while ERM is controls-based.
C)IC is required,while ERM is optional.
D)IC is more applicable to international accounting standards,while ERM is more applicable to generally accepted accounting principles.

Question

Quizplus · Accepted Answer

The COSO Integrated Control (IC) framework is controls-based, meaning it focuses on creating effective internal controls to mitigate risks, while the COSO Enterprise Risk Management (ERM) framework is risk-based, meaning it focuses on identifying, assessing and managing risks across the organization. This fundamental difference leads to different emphases in the two frameworks.

The Largest Differences Between the COSO Integrated Control (IC)framework and the COSO