Three of the five components of internal control are:
A)control environment, risk assessment and control policies.
B)monitoring of controls, information database and risk assessment.
C)monitoring of controls, risk assessment and control environment.
D)risk assessment, control procedures and information database.

Question

Quizplus · Accepted Answer

The three components of internal control mentioned in option C are monitoring of controls, risk assessment, and control environment. Option A includes control policies but misses out on monitoring of controls, which is an important aspect of internal control. Option B includes an information database, which is not considered a component of internal control. Option D includes control procedures but misses out on control environment, which is also considered an important component of internal control.

Three of the Five Components of Internal Control Are