Which of the following are entity-wide components of internal control that can mitigate the risk of material misstatement related to debt?
A)Risk assessment.
B)Information and communication.
C)Monitoring controls.
D)All of these are entity-wide components of internal control.

Question

Quizplus · Accepted Answer

All of these are entity-wide components of internal control, and each of them can help to mitigate the risk of material misstatement related to debt. Risk assessment involves evaluating the risk of errors or fraud related to debt and implementing controls to manage those risks. Information and communication ensure that accurate and complete information is shared with those who need it, such as stakeholders and debt holders. Monitoring controls help to identify and correct any issues or discrepancies that arise related to debt.

Which of the Following Are Entity-Wide Components of Internal Control