Which process involves assessing the design and operation of controls on a timely basis and taking necessary corrective actions?
A)Monitoring
B)Risk assessment
C)Control activities
D)Information and communication

Question

Quizplus · Accepted Answer

The process described in the question is monitoring, which involves ongoing assessments of the design and operation of control activities to ensure their effectiveness in mitigating risks. If deficiencies are identified, corrective actions must be taken in a timely manner. Risk assessment is a separate component of a comprehensive internal control system, which involves identifying and analyzing potential risks to the organization. Control activities involve establishing policies, procedures, and other mechanisms to ensure that risks are managed effectively, while information and communication involve collecting, analyzing, and disseminating information throughout the organization about risks and controls.

Which Process Involves Assessing the Design and Operation of Controls