Question

This organization developed a set of criteria that provide management with a basis to evaluate controls not only over financial reporting, but also over the effectiveness and efficiency of operations and compliance with laws and regulations.Name the organisation.

Answer 1

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed criteria for evaluating controls over financial reporting, operations, and compliance.

Step-by-step explanation:

The organization that developed a set of criteria for evaluating controls over not only financial reporting, but also the effectiveness and efficiency of operations and compliance with laws and regulations is the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO's framework is widely recognized as a leading framework for designing, implementing, and conducting internal control and assessing the effectiveness of a company's internal control systems.

COSO was formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, which is an initiative aimed at studying the causal factors that can lead to fraudulent financial reporting. It has established a model for internal control that organizations use across the world. COSO's internal control framework consists of five interrelated components which include control environment, risk assessment, control activities, information and communication, and monitoring activities.