Section 404 requires management to make a statement identifying the control framework used to conduct their assessment of internal controls. Discuss the options in selecting a control framework.
What will be an ideal response?
The SEC has made specific reference to the Committee of the Sponsoring Organizations of the Treadway Commission (COSO) as a recommended control framework. Furthermore, the PCAOB's Auditing Standard No. 2 endorses the use of COSO as the framework for control assessment. Although other suitable frameworks have been published, according to Standard No. 2, any framework used should encompass all of COSO's general themes.
PTS: 1
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