Which Two of the Following Principles Are Within the Monitoring

question 121

Multiple Choice

Which two of the following principles are within the monitoring component of the seventeen COSO principles of internal control?

• A)The organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning.
• B)The organization evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directors, as appropriate.
• C)The organization internally communicates information, including objectives and responsibilities for internal control, necessary to support the functioning of internal control.
• D)The organization communicates with external parties regarding matters affecting the functioning of internal control.

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Definitions:

Recession

A quick phase of economic reduction, where industrial and trade dynamics slow down, typically delineated by a GDP decrease in two consecutive quarters.

Civil War

A war between groups within the same country or state, often stemming from political, social, or ethnic differences.

Worst Recession

Refers to the most severe period of economic decline during which trade and industrial activity are reduced, typically recognized by a fall in GDP in successive quarters.

World War II

A global conflict that lasted from 1939 to 1945, involving many of the world’s nations, and marked by significant events like the Holocaust and the use of atomic bombs.