The 2013 COSO Report Identifies Five Components for an Effective

question 73

Multiple Choice

The 2013 COSO Report identifies five components for an effective internal control system.Which of those five includes the methods used to record, process, summarize, and report a company's transactions?

• A)Control procedures
• B)Control environment
• C)Control activities
• D)Information and communication

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Definitions:

Expertise

Specialized knowledge or skill in a particular field or domain, typically acquired through extensive training or experience.

Polychronic Time

A cultural concept of time management that values multitasking and simultaneous handling of multiple engagements.

Activities

Tasks, operations, or actions undertaken by individuals or groups to achieve specific goals.

Chronemics

the study of how time is perceived, structured, and used in communication, reflecting cultural values and individual preferences.