Select all that applyWhich of the following are components of internal control?Multiple select question.MonitoringRisk assessmentControl environmentAccounting standardsControl activities
Question
Select all that applyWhich of the following are components of internal control?Multiple select question.MonitoringRisk assessmentControl environmentAccounting standardsControl activities
Solution
The components of internal control are:
- Monitoring
- Risk assessment
- Control environment
- Control activities
Accounting standards are not a component of internal control, they are guidelines or rules set by a recognized standard-setting body to establish how financial statements are prepared and presented.
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