Define the COSO component "Information and Communications"
A)to identify risks to the entity's ability to achieve its objectives
B)the procedures used by the company to help it achieve its objectives
C)systems to exchange the information needed to make decisions
D)to determine whether internal controls effectively prevent misstatements or detect misstatements in the financial statements

Question

Quizplus · Accepted Answer

The Information and Communications component of COSO refers to the systems used to exchange the information needed to make decisions. This includes both internal and external communications and can include various forms of technology, such as email, intranet, and other electronic communication tools. The purpose of this component is to ensure that information is shared effectively and efficiently in order to support the achievement of the entity's objectives.

Define the COSO Component "Information and Communications