Which of the following describes the internal control component monitoring of controls?
A)Monitoring of controls is designed to ensure that the business's goals are achieved.
B)Monitoring of controls is the 'tone at the top' of the business.
C)A company must identify its risks.
D)Internal auditors monitor company controls to safeguard assets and external auditors evaluate the controls to ensure that the accounting records are accurate.

Question

Quizplus · Accepted Answer

Internal control component monitoring of controls involves the ongoing evaluation of the design and operation of the internal controls by management, internal auditors, and external auditors to ensure that they are functioning effectively and efficiently. Internal auditors monitor company controls to safeguard assets, and external auditors evaluate the controls to ensure that the accounting records are accurate. The other options describe other components of internal control, such as risk assessment and tone at the top.

Which of the Following Describes the Internal Control Component Monitoring