One of the components of internal control identified by COSO required that management must be considering threats and the potential for risks, and stand ready to respond should these events occur.This component is referred to as:
A)Control Environment
B)Control Activities
C)Risk Assessment
D)Communication

Question

Quizplus · Accepted Answer

The component that requires management to consider threats and potential risks is called Risk Assessment. The other components of COSO's internal control framework include Control Environment, Control Activities, Information and Communication, and Monitoring Activities.

One of the Components of Internal Control Identified by COSO