Question

Identify the statement below that is not true of the 2013 COSO Internal Control updated framework. a. It provides users with more precise guidance. b. It more efficiently deals with control implementation and documentation issues. c. It adds many new examples to clarify the framework concepts. d. It more effectively deals with control implementation and documentation issues.

Answer 1

Answer:

C. It adds many new examples to clarify the framework concepts.

Explanation:

COSO is short for Committee of Sponsoring Organizations of the TreadWay Commission.The original framework released by COSO was the Internal Control-Integrated Framework, published in the year 1992. The purpose of this framework is to help in establishing effective internal control in businesses.

The updated framework was published in the year 2013. The purpose of this updated frame work includes;

• helping businesses in establishing an effective and efficient internal control system that would help them in the implementation and documentation of issues affecting their businesses.

• It also provides users with more precise guidelines which does not take away from the original framework, but rather builds on it.