A)The COSO Internal Control Framework Consists of Five Components

question 32

Essay

A)The COSO internal control framework consists of five components.Describe each of these components. B)Custody of assets and reconciliation should be separated to contribute to strong internal control.List the general categories of activities that should be separated.

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Definitions:

Glue

A substance used for sticking objects together; metaphorically, it can refer to anything that binds or unites components, ideas, or people.

Preapproach

The sales process stage where the salesperson gathers information and plans their approach before the initial contact with a potential customer.

Core Principles

Fundamental beliefs or values that serve as the foundation for the system, organization, or individual's behavior and decision-making process.

Long-Term Relationship

An ongoing connection or engagement between parties, often characterized by trust, loyalty, and mutual benefits.