Final answer:
In the COSO Framework, activities that safeguard assets and enable an organization to prepare reliable financial statements are identified as internal controls.
Step-by-step explanation:
In the COSO Framework, activities that segregate duties, account reconciliations, and other practices that safeguard assets and enable an organization to prepare reliable financial statements are identified as internal controls.
Internal controls are a system of policies, procedures, and practices that are established by an organization to ensure the reliability of financial reporting, compliance with laws and regulations, and the safeguarding of assets.
Examples of internal controls include separating the responsibilities for authorizing, recording, and reconciling transactions, conducting regular account reconciliations, and implementing access controls to restrict unauthorized access to financial records.