Question

which of the following is false? A. nearly all reporting companies use the internal control framework...

which of the following is false?

A. nearly all reporting companies use the internal control framework developed by COSO

B. all controls relevant to financial reporting are accounting controls

C. management identifies controls that are in place to address the financial reporting risks

D. management is required to base internal controls on a recognized control framework

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer:

Option (C)  management identifies controls that are in place to address the financial reporting risks

Add a comment
Know the answer?
Add Answer to:
which of the following is false? A. nearly all reporting companies use the internal control framework...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Which of the following is not a component of the COSO internal control framework?

    Which of the following is not a component of the COSO internal control framework? Risk Assessment Control Activities The control environment Reporting  

  • Question 6 of 1010.0 Points Which costs have not increased for public companies related to implementation...

    Question 6 of 1010.0 Points Which costs have not increased for public companies related to implementation of Sarbanes-Oxley? A. Accounting staff salaries B. CEO salaries C. Audit costs Question 7 of 10 Which of the following is not one of the four specific responsibilities that PCAOB Auditing Standard No. 2 levies on company management? A. Accept responsibility for the effectiveness of the company’s internal control over financial reporting. B. Evaluate the effectiveness of the company’s internal control over financial reporting...

  • Should management assessment of internal control over financial reporting consider all of COSO components Are could...

    Should management assessment of internal control over financial reporting consider all of COSO components Are could it be based only on the controls over the processing of transactions?

  • The following are all outcomes of a soundly developed conceptual framework for financial reporting except: a....

    The following are all outcomes of a soundly developed conceptual framework for financial reporting except: a. increased confidence in financial reporting by financial statement users. b. enhanced comparability among companies' financial statements. c. faster resolution of new and emerging problems related to financial reporting. d. fewer incidents of fraud by employees of companies. Which of the following is not a result of the Sarbanes-Oxley Act? a. Code of ethics for senior officers of a publicly traded company b. Fewer restrictions...

  • Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3....

    Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3. Information and communication 4. Control activities 4.1. Authorization 4.2. Performance reviews 4.3. Information-processing controls 4.3.1. IT general controls 4.3.2. IT application controls 4.3.3. IT-dependent manual controls 4.4 Physical controls 4.5 Segregation of duties 5. Monitoring Following is a list of controls implemented by Waterfront, Inc. a. Management established a code of conduct that includes rules regarding conflicts of interest for purchasing agents. b. Waterfront's...

  • 6. The control environment includes all of the following COSO Principles of Internal Control, EXCEPT A...

    6. The control environment includes all of the following COSO Principles of Internal Control, EXCEPT A : the organization demonstrates a commitment to integrity and ethical values. B : the organization identifies risks to the achievement of its objectives across the entity and analyzes risk as a basis for determining how the risks should be managed. C : the organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives. D : the board of directors demonstrates...

  • 1. Using the definition of Internal Control, discuss what is understood by the term ‘Internal Control’....

    1. Using the definition of Internal Control, discuss what is understood by the term ‘Internal Control’. What are management’s and internal auditor’s responsibilities with respect to internal controls? What are suitable examples. 2. COSO Internal Control Framework is organized as comprising of Objectives, Components and Organizational Structure (Entity). What are the 'Components' of COSO Internal Control Framework in details. Any personal experiences or something that have read about. ( this can help - https://aaahq.org/Login?returnurl=%2f to do research on the component...

  • U.S. include Target Corp., Home Depot Inc., the Internal Revenue Service, and other government agencies such...

    U.S. include Target Corp., Home Depot Inc., the Internal Revenue Service, and other government agencies such as the Office of Personnel Management. Companies and governments need to consider the risks of a cyberattack, and consider backup plans in the event a cyberattack results in a loss of hardware, software, or data. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a thought paper, COSO in the Cyber Age, to help organizations assess and mitigate risks associated with cybersecurity...

  • Explores financial reporting and the conceptual framework which are fundamental to every business entity. COVID-19, the...

    Explores financial reporting and the conceptual framework which are fundamental to every business entity. COVID-19, the global health pandemic has however affected every aspect of our existence today without exception. Accounting and financial reporting and those charged with governance now have to address the mitigation of additional financial risks as they relate to the well-being of their businesses. Discuss Four (4) accounting and financial reporting risks and their implications that have been heightened by the current pandemic situation. At least...

  • -- - - - The Company's management is responsible for establishing and maintaining adequate internal control...

    -- - - - The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of its Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management evaluates the effectiveness...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT