An element of internal control is
A) risk assessment
B) journals
C) subsidiary ledgers
D) controlling accounts

Question

Quizplus · Accepted Answer

Risk assessment is a crucial element of internal control as it involves identifying, evaluating, and managing potential risks to ensure that the organization's objectives are achieved. While journals, subsidiary ledgers, and controlling accounts are also components of internal control, they are more specific to the accounting and financial reporting function of the organization.

An Element of Internal Control Is