A Component of COSO's Internal Control System Concerns the Process

question 36

Multiple Choice

A component of COSO's internal control system concerns the process of identifying,capturing,and exchanging information in a timely fashion to enable accomplishment of the organization's objective.This component is called

• A)control activities.
• B)information and communication.
• C)monitoring.
• D)control environment.

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Definitions:

Title

The legal right to own, possess, or use property.

Title

The legal right to own, use, or sell a particular piece of property, including real estate or vehicles.

Obliged

Required by law, circumstances, or duty to do something.

Sale of Goods Act

Legislation governing the sale of goods, ensuring rights, and obligations for both seller and buyer.