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:

Second Largest City

A term used to describe the city that is the second most populous within a given country or region.

Internal Improvements

Public works, such as roads, bridges, canals, and harbors, funded by the government to facilitate commerce and communication.

Old Northwest

Refers to the region of the United States northwest of the Ohio River, which was acquired through the Treaty of Paris in 1783 and organized under the Northwest Ordinance of 1787.

Interchangeable Parts

Interchangeable parts are components that are made to specifications that ensure they are so nearly identical that they will fit into any assembly of the same type, reducing manufacturing complexity and allowing for easier repair of mechanical systems.