The COSO Report Identified Five Interrelated Components of Internal Control

question 26

Multiple Choice

The COSO report identified five interrelated components of internal control. Since then, a sixth category has been identified, which is:

• A) monitoring.
• B) risk assessment.
• C) information and communication.
• D) control activities
• E) antifraud programs and controls

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Definitions:

Organizational Members

Individuals who are part of an organization, including employees, managers, and stakeholders, and contribute to its mission and goals.

Grapevine

A casual communication system inside a company, frequently the source of rumor dissemination and non-official news.

Rumour

An unverified belief that is in general circulation.

Designer Fashions

High-end, often luxury clothing and accessories created by prominent or emerging fashion designers.