Final answer:
The most widely accepted internal control framework is the c. COSO Integrated Control framework, developed by the Committee of Sponsoring Organizations of the Treadway Commission, to help organizations with effective internal control implementation.
Step-by-step explanation:
The internal control framework widely accepted as the authority on internal controls is the COSO Integrated Control framework. COSO stands for the Committee of Sponsoring Organizations of the Treadway Commission, which developed the framework to help organizations design and implement effective internal controls.
The COSO framework outlines five interrelated components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring activities. These components support organizations in achieving their objectives related to operations, reporting, and compliance.
Other frameworks mentioned, such as COBIT (Control Objectives for Information and Related Technologies) and ISACA (Information Systems Audit and Control Association), are also important in the world of information systems and technology controls. However, they are not as universally acknowledged for internal controls across all aspects of an organization as the COSO framework.
The Sarbanes-Oxley Act, often abbreviated as SOX, is legislation that set new or enhanced standards for all U.S. public company boards, management, and public accounting firms. While SOX mandates certain controls and frameworks, it is itself not a control framework.
In conclusion, the correct option for the question, "Which internal control framework is widely accepted as the authority on internal controls?" is (c) COSO Integrated Control.