A component of COSO's internal control system concerns the process of identifying,capturing,and exchanging information in a timely fashion to enable accomplishment of the organization's objective.This component is called
A)control activities.
B)information and communication.
C)monitoring.
D)control environment.

Question

Quizplus · Accepted Answer

The component of COSO's internal control system that concerns the process of identifying, capturing, and exchanging information in a timely fashion to enable accomplishment of the organization's objective is called information and communication. Choice B is therefore the best answer. The other components of COSO's internal control system are control environment, control activities, and monitoring.

A Component of COSO's Internal Control System Concerns the Process