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

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.

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

Per the COSO Internal Control-Integrated Framework, the main purpose of monitoring internal controls is to confirm that the internal control system can adequately address changes in:Select answer from the options belowRisk AssessmentControl EnvironmentInformation and CommunicationMonitoring

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

Match the management function with its description.InstructionsDrag and drop application.PlanningPlanning drop zone empty.OrganizingOrganizing drop zone empty.LeadingLeading drop zone empty.ControllingControlling drop zone empty.Setting goals and deciding how to achieve themMotivating people to achieve organizational goalsArranging people, tasks, and resources to accomplish workMonitoring performance, comparing it with goals, and taking corrective action as needed