The principle of identifying and assessing changes that could significantly impact the system of internal control belongs to which of the COSO's Internal Control Model's component?
A)Control environment.
B)Risk assessment.
C)Control activities.
D)Information and communication.

Question

Quizplus · Accepted Answer

The principle of identifying and assessing changes that could significantly impact the system of internal control belongs to the Risk assessment component of the COSO's Internal Control Model. This component focuses on identifying and assessing risks that could potentially impact the achievement of objectives and implementing controls to mitigate those risks.

The Principle of Identifying and Assessing Changes That Could Significantly