Indicate whether the following statement is True or False.Internal control consists of four integrated components, namely control environment, risk assessment, control activities, and information and communication

Describe and explain the five components of internal controlthe control environmentthe entity's risk assessment processthe entity’s process to monitor the system of internal controlthe information system and communicationscontrol activities.

Select all that applyWhich of the following are components of internal control?Multiple select question.MonitoringRisk assessmentControl environmentAccounting standardsControl activities

Match each component of internal control with its definition.InstructionsDrag and drop application.MonitoringMonitoring drop zone empty.Control activitiesControl activities drop zone empty.Risk assessmentRisk assessment drop zone empty.Control environmentControl environment drop zone empty.Formal policies related to management's philosophy, assignment of responsibilities, and organizational structureIncludes formal procedures for reporting control deficienciesPolicies and procedures that help ensure management's directives are being carried outIdentifies and analyzes factors that could prevent objectives from being achieved

Discuss the limitations of internal control components.

Which of the following indicates a strong internal control environment?Select one:a.adverse business conditions exist in the industryb.the internal audit group reports to the audit committee of the board of directorsc.there is no segregation of duties between organization functionsd.there are questions about the integrity of management