CHAPTER 7
CONTROL AND
ACCOUNTING INFORMATION SYSTEMS 1. COSO identified five interrelated components of internal control. Which of the following is NOT one of those five?
a. risk assessment (Incorrect. The organization must be aware of and
deal with the risks it faces b. internal control policies (Correct. Internal control policies are NOT one of COSO’s five components of internal control. However, control environment and control activities are two of the five internal control framework components.)
c. monitoring (Incorrect. The entire internal control
process must be monitored, and modifications made as necessary.)
d. information and communication (Incorrect. The primary purpose of an AIS is to process and communicate information
about an organization, and these activities are an essential part of an internal control system.)
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