Effective monitoring of internal controls not only identifies risks but also responds to these risks appropriately.

Question

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Effective monitoring of internal controls involves not only identifying risks but also responding to them appropriately in order to prevent or mitigate potential harm. This may involve implementing additional controls, updating existing controls, or taking other actions to address identified risks. By doing so, organizations can ensure that their internal controls remain effective over time and help to protect against financial and operational risks.

Effective Monitoring of Internal Controls Not Only Identifies Risks but Also