A department manager at TRS Corporation attended a seminar on internal control; afterward, the manager formed a five-person departmental team to create an internal control plan for the department.After a one-day off-site meeting, the team produced a document titled "Departmental Internal Control Plan." It was formatted as a risk/control matrix.One member of the team commented that, although the work was interesting, the team was glad the task was complete and wouldn't have to be redone.Which of the following statements is most true?
A)A risk/control matrix is inappropriate, since risk assessment and control activities must be done separately according to the COSO framework.
B)A department manager cannot establish a proper control environment.
C)The team member's comment indicates a weakness in monitoring.
D)Information and communication should always happen in at least two ways.

Question

Quizplus · Accepted Answer

The team member's comment suggests a misunderstanding of the nature of internal control as an ongoing process, indicating a weakness in the monitoring component of the internal control system. Monitoring should be continuous to ensure controls remain effective over time.

A Department Manager at TRS Corporation Attended a Seminar on Internal