Which COSO Internal Control-Integrated Framework essential component of an effective internal control system involves identifying, analyzing, and managing risks that affect a company's ability to record, process, summarize, and report financial data properly?
A)Risk Assessment
B)Control Environment
C)Control Activities
D)Monitoring

Question

Quizplus · Accepted Answer

The essential component of an effective internal control system that involves identifying, analyzing, and managing risks that affect a company's ability to record, process, summarize, and report financial data properly is called Risk Assessment. The other components are Control Environment, Control Activities, and Monitoring.

Which COSO Internal Control-Integrated Framework Essential Component of an Effective