Which COSO Internal Control-Integrated Framework essential component of an effective internal control system involves assessing internal controls as well as the process for taking corrective action?
A)Control Environment
B)Risk Assessment
C)Monitoring
D)Control Activities

Question

Quizplus · Accepted Answer

Monitoring is the essential component of the COSO Internal Control-Integrated Framework that involves assessing internal controls as well as the process for taking corrective action. Monitoring ensures that the system of internal control continues to operate effectively over time. It involves ongoing evaluations of the system of internal control, including the performance of controls and the effectiveness of control activities. The monitoring process includes assessing the design and implementation of controls and evaluating their operating effectiveness, as well as investigating and correcting any identified control deficiencies.

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