COSO's Enterprise Risk Management - Integrated Framework,the most widely used internal control framework,lists five components of the internal control function.They are
A)risk assessment,control activities,misstatement identification,information and communications,and monitoring
B)control activities,risk assessment,misstatement identification,information and communications,and monitoring
C)control environment,risk assessment,control activities,information and communications,and monitoring
D)control environment,risk assessment,control activities,misstatement identification,and monitoring

Question

Quizplus · Accepted Answer

The correct answer is C because COSO's Enterprise Risk Management - Integrated Framework lists the five components of the internal control function as control environment, risk assessment, control activities, information and communication, and monitoring. Option A and B do not list control environment, which is an important component of the internal control function. Option D also does not mention information and communication, which is another important component. Therefore, option C is the best choice as it includes all five components.

COSO's Enterprise Risk Management - Integrated Framework,the Most Widely Used