Which of the Following Best Describes the COSO Component "Monitoring

question 58

Multiple Choice

Which of the following best describes the COSO component "monitoring?"

• A)internal auditors are responsible for monitoring internal controls to make sure they are operating as intended
• B)external auditors are responsible for monitoring internal controls to make sure they are operating as intended
• C)user departments are responsible for monitoring internal controls to make sure they are operating as intended
• D)management is responsible for monitoring internal controls to make sure they are operating as intended

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Definitions:

Federal Reserve Bank

One of the 12 regional banks that, together with the Board of Governors, make up the Federal Reserve System, which serves as the central banking system of the United States.

Treasury Notes

Short- to medium-term debt obligations issued by a national government with fixed interest rates and maturities ranging from one to ten years.

Federal Reserve System

The central banking system of the United States, responsible for monetary policy, regulation of member banks, and ensuring stability of the financial system.

District Banks

Banks that are part of a larger Federal Reserve System in the United States, responsible for overseeing the monetary policy and banking regulations in their specific district.