Which of the Following Elements of Internal Control Focuses on Locating

question 91

Multiple Choice

Which of the following elements of internal control focuses on locating weaknesses and improving control effectiveness?

• A) Control environment
• B) Risk assessment
• C) Control procedures
• D) Monitoring

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Definitions:

Funds

Capital set aside for specific purposes or investments.

Present Value

Present value is a financial concept that represents the current value of a future amount of money or stream of cash flows, discounted at a specified rate of return.

Discount Rate

The interest rate used to discount future cash flows to their present value, often used in the valuation of investments.

Time Periods

Distinct intervals of time within which certain activities or events occur or are completed.