A department manager at TRS Corporation attended a seminar on internal control; afterward, the manager formed a five-person departmental team to create an internal control plan for the department.After a one-day off-site meeting, the team produced a document titled "Departmental Internal Control Plan." It was formatted as a risk/control matrix.One member of the team commented that, although the work was interesting, the team was glad the task was complete and wouldn't have to be redone.Which element of COSO's internal control framework does the department's plan lack?
A)Risk assessment
B)Control activities
C)Information and communication
D)Monitoring

Question

Quizplus · Accepted Answer

The department's plan lacks monitoring, which is the ongoing evaluation of internal control activities. The comment made by one team member suggests that the team may not be aware of the need for ongoing monitoring and continuous improvement of the internal control plan.

A Department Manager at TRS Corporation Attended a Seminar on Internal