Which two of the following principles are within the monitoring component of the seventeen COSO principles of internal control?
A)The organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning.
B)The organization evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directors, as appropriate.
C)The organization internally communicates information, including objectives and responsibilities for internal control, necessary to support the functioning of internal control.
D)The organization communicates with external parties regarding matters affecting the functioning of internal control.

Question

Quizplus · Accepted Answer

The first principle states that the organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning, which falls under the monitoring component of internal control. The second principle states that the organization evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directors, as appropriate, which also falls under the monitoring component of internal control. The other two principles, C and D, fall under the control environment and information and communication components, respectively.

Which Two of the Following Principles Are Within the Monitoring