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

Which COSO Internal Control-Integrated Framework essential component of an effective internal control system includes the accounting system for identifying, recording, processing, and reporting transactions and financial data?Select answer from the options belowMonitoringControl EnvironmentRisk AssessmentInformation and Communication

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

Internal control components are built on the foundation of the tone established by top management in its control environment.

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