COSO's Guidance on Monitoring Internal Control Systems includes the following phases except
A) establishing a foundation for monitoring.
B) designing and executing monitoring procedures that are based on risk.
C) developing the objectives for the level of risk that can be tolerated by management.
D) assessing and reporting the results.

Question

Quizplus · Accepted Answer

COSO's Guidance on Monitoring Internal Control Systems includes the following phases: establishing a foundation for monitoring, designing and executing monitoring procedures that are based on risk, assessing and reporting the results. The phase of developing the objectives for the level of risk that can be tolerated by management is not included in COSO's Guidance on Monitoring Internal Control Systems.

COSO's Guidance on Monitoring Internal Control Systems Includes the Following