Components of Internal Control
Match the terms on the left with the descriptions on the right. Each description should be used only once.
Term | Description |
___________ Control environment | a. Policies and procedures put in place by management to address the risks identified during the risk assessment process. |
___________ Risk assessment | b. A process, involving both ongoing activities and separate evaluations, that enables an organization to evaluate the effectiveness of its system of internal control over time. |
___________ Control activities | c. The foundation for all the other elements of internal control, setting the overall tone for the organization. |
___________ Information and communication | d. The process of capturing and communicating operational, financial, and compliance-related information. |
___________ Monitoring activities | e. Identifying, analyzing, and managing those risks that pose a threat to the achievement of the organization’s objectives. |
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