Which of the following are publicly available framework used in designing internal control:Question 2AnswerSelect one:a.legislation or regulationb.COSO and COBITc.industry standardd.all of the options are correct

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system includes the accounting system for identifying, recording, processing, and reporting transactions and financial data?Select answer from the options belowMonitoringControl EnvironmentRisk AssessmentInformation and Communication

The framework for designing an internal control system is provided by theMultiple choice question.Financial Accounting Standards Board.Public Companies Accounting Oversight Board (PCAOB).Committee of Sponsoring Organizations (COSO) of the Treadway Commission.Securities and Exchange Commission Act of 1934

Select all that applyWhich of the following are principles of internal control?Multiple select question.Maintain adequate records.Divide responsibility for related transactions.Reduce vendor payables.Increase revenues.Perform regular and independent reviews.Establish responsibilities.

An entity would implement internal control measures to:Limit risks in the entity.Reach certain operational objectives.Comply with legal and financial reporting objectives.All of the above

Industries like to be in control of their own destiny and as a result prefer self-regulation to laws imposed by governments. Self-regulation is often ________.Question 2Select one:a.based on external codes of conductb.enforced by the courtsc.in conflict with common lawd.less costly for firms than government regulation