The 1992 COSO Report Identifies Five Components for an Effective

question 29

Multiple Choice

The 1992 COSO report identifies five components for an effective internal control system.These are:

• A)Control environment,risk assessment,control activities,information and communication,and monitoring
• B)Control environment,control procedures,control activities,communication,and monitoring
• C)Control procedures,control activities,information,communication,and monitoring
• D)Control procedures,risk assessment,control activities,information and communication,and monitoring

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Definitions:

Lawrence Kohlberg

A psychologist best known for his theory of stages of moral development, which proposes that individuals progress through distinct stages of moral reasoning as they age.

Conquer Clutter

The act of overcoming disorganization by eliminating unnecessary items and organizing what remains.

Transitional Expression

Words or phrases used to connect ideas, sentences, or paragraphs, helping to ensure coherence in writing.

Moral Development

The process through which individuals evolve in their understanding and application of moral principles, often influenced by various social, cultural, and psychological factors.