A process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives related to the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations is:
A)COSO's definition of internal control
B)AICPA's definition of stewardship
C)ACFE's definition of confidentiality
D)IMA's definition of competency

Question

A process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives related to the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations is:
A)COSO's definition of internal control 
B)AICPA's definition of stewardship
C)ACFE's definition of confidentiality
D)IMA's definition of competency

Quizplus · Accepted Answer

The definition provided is COSO's definition of internal control, which outlines the purpose and objectives of implementing an internal control system within an entity.

A Process, Effected by an Entity's Board of Directors, Management