The COSO principle that an organization should identify and assess changes that significantly impact the system of internal control is related to which COSO component?
A) Control Environment
B) Risk Assessment
C) Control Activities
D) Monitoring

Question

Quizplus · Accepted Answer

The principle mentioned is related to the Risk Assessment component of COSO. This component involves the identification and analysis of risks that could impact the achievement of objectives. Identifying and assessing changes is a key part of this process as they could introduce new risks or impact existing ones.

The COSO Principle That an Organization Should Identify and Assess