The Five Components of Internal Control Articulated in the 2013

question 68

True/False

The five components of internal control articulated in the 2013 COSO Report include Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring Activities.

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Definitions:

Properties

Attributes or settings that determine the appearance or behavior of objects and controls in software development.

Relational Database

A type of database that stores data in tables which are related to each other through unique identifiers or key fields, allowing for efficient data retrieval and management.

Redundant Data

Information that is duplicated in a database or data storage system, often leading to inefficiencies and increased storage requirements.

Tables

Data structures used in databases and spreadsheets to organize information into rows and columns for easy reference and management.