Question

The internal control framework used by most U.S. companies is the ________ framework.

A) FASB
B) PCAOB
C) COSO
D) SEC

Answer 1

The COSO framework is the internal control framework widely used by U.S. companies for guidance on enterprise risk management and internal control.

Step-by-step explanation:

The internal control framework used by most U.S. companies is the COSO framework. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of five private sector organizations and is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control, and fraud deterrence. The COSO framework is widely accepted as the authoritative guidance for designing, implementing, and conducting internal control and assessing its effectiveness.