Question

Why was the original 1992 COSO - integrated control framework updated in 2013?

O congress required COSO to modernize.

O U.S. stock exchanges required more disclosure.

O as an effort to more effectively address technological advancements.

O as an effort to comply with the information system audit and control association requirements.

Answer 1

The original 1992 COSO - integrated control framework was updated in 2013 for reasons including technological advancements, compliance requirements, and enhanced disclosure.

Step-by-step explanation:

The original 1992 COSO - integrated control framework was updated in 2013 for several reasons:

1. Technological advancements: The update aimed to more effectively address technological advancements in the business environment. This included considerations for new risks and controls related to technology and information systems.
2. Compliance requirements: The update was also an effort to comply with the requirements set forth by the Information Systems Audit and Control Association (ISACA) as they relate to internal controls and risk management.
3. Enhanced disclosure: U.S. stock exchanges required more disclosure from companies regarding their internal control systems, prompting the need for a revised framework.

Overall, the update was a response to the evolving business landscape, ensuring that the framework remained relevant and effective in addressing contemporary risks and challenges.