All organizations should evaluate and communicate internal control deficiencies in a timely manner to those parties responsible for taking corrective action,including senior management and the board of directors,as appropriate.

Question

Quizplus · Accepted Answer

This statement is true according to the principles of internal control evaluation established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Effective communication of internal control deficiencies is essential to ensure timely and appropriate corrective action can be taken to prevent or mitigate potential risks to the organization. These deficiencies should be communicated to senior management and the board of directors, as appropriate, to ensure they are aware of the current state of internal controls and can take action to improve them if necessary.

All Organizations Should Evaluate and Communicate Internal Control Deficiencies in a Timely