The primary purpose for the development of standards by the Criteria of Control Committee was to ________.

Question

Quizplus · Accepted Answer

The development of standards by the Criteria of Control Committee was primarily aimed at providing a basis similar to GAAP for reporting on controls. The standards provide a framework for assessing the effectiveness of control systems and reporting on them to stakeholders. While providing guidance for companies developing best practice control systems, providing detailed tests of controls for audits of financial statements, and providing clarity on who is responsible for controls are all important goals, they are not the primary purpose of the development of standards by the Criteria of Control Committee.

The Primary Purpose for the Development of Standards by the Criteria