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pplicability recognize

pplicability recognize

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5

Only the answer without explain

A or B or C or D

Which statement is correct concerning the definition of internal control developed by the Committee of Sponsoring Organizations (COSO)? O A. Its applicability is largely limited to internal auditing applications. B. It is recognized in the Statements on Auditing Standards. C. It emphasizes the effectiveness and efficiency of operations over the reliability of financial reporting. D. It suggests that it is important to view internal control as an end product as contrasted to a process or means to obtain an end.
Transcribed Image Text:Which statement is correct concerning the definition of internal control developed by the Committee of Sponsoring Organizations (COSO)? O A. Its applicability is largely limited to internal auditing applications. B. It is recognized in the Statements on Auditing Standards. C. It emphasizes the effectiveness and efficiency of operations over the reliability of financial reporting. D. It suggests that it is important to view internal control as an end product as contrasted to a process or means to obtain an end.
Expert Solution
Step 1

                                 COSO model defines internal control --

                                          A process effected by an entity's board of directors, management and other personnel designed to produce reasonable assurance of the achievement in the  of the objectives of the following catagories --

                                             ":Operational effectiveness and efficiency , financial reporting responsibility."

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