Monitoring,the fifth component of internal control,involves
A) assessing the quality of internal controls over time and taking corrective actions if necessary.
B) studying the methods used and records established to identify, assemble, analyze, classify, record, and report the organization's transactions.
C) maintaining accountability for the financial structure (i.e., assets and liabilities) of the organization.
D) assessing and managing the risks that affect the organization's objectives.

Question

Quizplus · Accepted Answer

Monitoring involves assessing the quality of internal controls over time and taking corrective actions if necessary. It is an ongoing activity that helps to ensure that internal controls remain effective in achieving the organization's objectives. Monitoring can take many forms, including management reviews, internal audits, and external audits. The goal of monitoring is to identify any weaknesses in the internal control system and take action to address them before they lead to significant problems.

Monitoring,the Fifth Component of Internal Control,involves