Question

the committee of sponsoring organizations (COSO) of the Treadway commission issued a document in 1992 that has been embraced by numerous organizations, including the AICPA and the GAO. That document is called the

Answer 1

The COSO Internal Control Framework, issued in 1992 by the Treadway Commission's COSO, is a foundational document for auditing and internal controls, becoming even more significant after high-profile corporate scandals and the subsequent Sarbanes-Oxley Act.

Step-by-step explanation:

The document issued in 1992 by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission that has been widely accepted by various organizations, including the American Institute of Certified Public Accountants (AICPA) and the Government Accountability Office (GAO), is known as the COSO Internal Control Framework. This framework provides guidelines for organizations to develop and assess their systems of internal control. It has become an essential tool for auditors, especially in the wake of the major accounting scandals, such as those involving Enron, Tyco International, and WorldCom. These scandals highlighted the need for improved internal controls and led to the creation of the Sarbanes-Oxley Act in 2002, which was designed to safeguard investors by enhancing the reliability and accuracy of corporate financial disclosures.