Section 3 Chapter 2: Framework of Internal Controls

Question 1

5 Components Under the Internal Control Framework

Answer 1

• Control Environment
• Risk Assessment
• Control Activities
• Information and communication
• Monitoring

Question 2

How do internal controls assist managers.

Answer 2

• Achieve program objectives in an effective manner.
• Operate economically and efficiently.
• Produce reliable financial and non-financial reports and data.
• Comply with laws and regulations.
• Safeguard assets.