A process designed to provide reasonable assurance about the achievement of the entity's objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations is called:

Question

Quizplus · Accepted Answer

The process described in the question is internal control, which is designed to provide reasonable assurance about the achievement of objectives in three categories: reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. External control refers to control by entities outside of the organization, while internal auditing is a separate function that evaluates and provides recommendations for improvement of internal control processes.

A Process Designed to Provide Reasonable Assurance About the Achievement