Which option best describes internal control?

Internal control is best described as a process designed to provide reasonable assurance regarding the achievement of specified objectives. This definition encompasses the essence of what internal control aims to accomplish within an organization. It highlights the proactive measures taken to ensure that an organization can effectively meet its goals, such as reliable financial reporting, compliance with laws and regulations, and operational efficiency. The concept emphasizes that while internal controls cannot guarantee absolute assurance, they are structured to create a reasonable level of confidence in achieving these objectives.

The other options, while related to aspects of internal control, do not capture its fundamental definition. One option discusses a commission that provides tools for assessing and monitoring an organization's system, which relates to the resources available for implementing internal controls instead of what internal control actually is. Another option refers specifically to a published work by a committee, which might provide a framework for internal control but does not define the concept itself. Lastly, recognizing changes in the business environment since 1992 pertains to the context in which internal controls operate rather than defining the nature of internal controls. Thus, describing internal control as a process ensures a clear understanding of its purpose and function within organizations.