Which statement is correct concerning the definition of internal control developed by the Committee of Sponsoring Organizations (COSO)?
A. It emphasizes the effectiveness and efficiency of operations over the reliability of financial reporting.
B. It is a 'process' effected by individuals.
C. Its applicability is largely limited to internal auditing applications.
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.
Answer: B
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Fill in the blank(s) with the appropriate word(s).
Why should criteria be decided in advance of evaluating options?
What will be an ideal response?
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