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The COSO framework treats internal control as a process designed to provide reasonable assurance regarding the achievement of objectives related to A. Reliability of financial reporting. B. Effecti... veness and efficiency of operations. C. Compliance with applicable laws and regulations. D. All of the answers are correct. Which of the following statements is correct regarding corporate compensation systems and related bonuses? 1. A bonus system should be considered part of the control environment of an organization and should be considered in formulating a report on internal control. 2. Compensation systems are not part of an organization's control system and should not be reported as such. 3. An audit of an organization's compensation system should be performed independently of an audit of the control system over other functions that impact corporate bonuses. A. 1 only. B. 2 only. C. 3 only. D. 2 and 3 only [Show More]
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