Problem

(Objectives 10-2, 10-3) Management must identify the framework used to evaluate the effect...

(Objectives 10-2, 10-3) Management must identify the framework used to evaluate the effectiveness of internal control over financial reporting. What framework is used by most U.S. public companies?

Objective 10-2

Contrast management’s responsibilities for maintaining internal control with the auditor’s responsibilities for evaluating and reporting on internal control.

Objective 10-3

Explain the five components of the COSO internal control framework.

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