The 1992 COSO report identifies five components for an effective internal control system.These are:
A)Control environment,risk assessment,control activities,information and communication,and monitoring
B)Control environment,control procedures,control activities,communication,and monitoring
C)Control procedures,control activities,information,communication,and monitoring
D)Control procedures,risk assessment,control activities,information and communication,and monitoring

Question

Quizplus · Accepted Answer

The 1992 COSO report identified five components for an effective internal control system, which are control environment, risk assessment, control activities, information and communication, and monitoring. Option A is the correct choice as it contains all five components listed in the report. Option B is incorrect as it replaces risk assessment with control procedures. Options C and D are also incorrect as they either omit or replace one or more of the five components listed in the report.

The 1992 COSO Report Identifies Five Components for an Effective