What Are the Five Internal Control Components Described in the COSO

question 37

Essay

What are the five internal control components described in the COSO framework?

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Definitions:

Pain Tolerance

is the maximum level of pain an individual can endure or tolerate before it becomes unbearable.

Distraction

A factor or event that diverts attention away from a desired focus, often resulting in decreased performance or concentration.

Effective

Producing a decided, decisive, or desired effect; efficient in producing a desired outcome.

Expectation

Beliefs or forecasts about future events or outcomes, often based on experience, knowledge, or hypothetical scenarios.