Which of the following statements is true?
A)A good system of internal control does not require monitoring.
B)Risk assessment is one component of a good system of internal control.
C)When one individual is responsible for all related activities, the potential for errors and irregularities is decreased.
D)Control activities are most effective when several people are responsible for a given task.

Question

Quizplus · Accepted Answer

Risk assessment is indeed a crucial component of a good system of internal control. It involves identifying and analyzing potential risks that could affect the achievement of an organization's objectives, and it is essential for developing effective strategies to manage those risks.

Which of the Following Statements Is True