A framework for designing an internal control system is provided by the:
A)Committee of Sponsoring Organizations.
B)Financial Accounting Standards Board.
C)Securities and Exchange Commission.

Question

Quizplus · Accepted Answer

The Committee of Sponsoring Organizations (COSO) developed a comprehensive framework for internal control that is widely recognized and used by organizations. The framework includes five components: control environment, risk assessment, control activities, information and communication, and monitoring. The framework provides guidelines for designing, implementing, and evaluating internal control systems. The Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC) do not provide specific frameworks for designing internal control systems.

A Framework for Designing an Internal Control System Is Provided