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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

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Solution

The components of internal control are:

  1. Monitoring
  2. Risk assessment
  3. Control environment
  4. 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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