The COSO principle that an organization should identify and assess changes that significantly impact the system of internal control is related to which COSO component?
A)Control environment
B)Risk assessment
C)Control activities
D)Monitoring

Question

Quizplus · Accepted Answer

The principle of identifying and assessing changes that significantly impact the system of internal control is related to the risk assessment component of COSO. The risk assessment component involves identifying and analyzing risks relevant to the achievement of objectives, which includes changes that could impact the effectiveness of internal controls.

The COSO Principle That an Organization Should Identify and Assess