The Terms "Preventive, Detective and Corrective" Are Most Closely Associated

question 11

Multiple Choice

The terms "preventive, detective and corrective" are most closely associated with which element of Internal Control? Integrated Framework?

• A) Control environment.
• B) Monitoring.
• C) Control activities.
• D) Risk assessment.

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Definitions:

Incorporator

The individual or entity responsible for filing the formal documents needed to legally form a corporation.

Subchapter S

A section of the United States tax code that allows for a corporation's income to be taxed directly to the shareholders, thus avoiding double taxation.

Internal Revenue Code

The statutory collection of domestic tax laws that govern federal tax administration in the United States.

Shareholder Level

Refers to the status or category of ownership in a corporation, where individuals or entities own shares representing a portion of the company.