Which COSO Internal Control-Integrated Framework Essential Component of an Effective

question 16

Multiple Choice

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system involves identifying, analyzing, and managing risks that affect a company's ability to record, process, summarize, and report financial data properly?

• A)Risk Assessment
• B)Control Environment
• C)Control Activities
• D)Monitoring

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Definitions:

Rewards

Benefits or recognition given as a result of one’s accomplishments, efforts, or desired behaviors, aimed at motivating or showing appreciation.

Inconsistency

the state of being not consistent in actions, values, or methods.

Attitudes

A settled way of thinking or feeling about something, typically reflected in a person's behavior.

Behavior

The actions, reactions, or conduct of an organism, often in response to its environment or stimuli.