The Component of Internal Control, Identified in the COSO Report

question 32

Multiple Choice

The component of internal control, identified in the COSO report, that sets the tone of an organization and includes the consciousness of its employees is:

• A)Risk Assessment
• B)Control Activities
• C)Control Environment
• D)Information and Communication

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Definitions:

Legal Status

The standing of an entity or individual under the law, determining their rights, responsibilities, and liabilities.

Volunteer Work

involves performing tasks or providing services for the benefit of others or the community, without financial compensation.

Partnership Property

Assets co-owned by partners in a business partnership, where each partner has an interest in these assets in relation to their investment or agreement.

Court

An institution where legal disputes are adjudicated by judges or a jury.