COSO defines internal control as a process, affected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in:

Question

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COSO's internal control framework is designed to provide reasonable assurance regarding the achievement of objectives in three categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. "Reliability of financial advice" and "compliance with local ordinances" are not specifically mentioned.

COSO Defines Internal Control as a Process, Affected by an Entity's