Week 6 - 5 Components Updated Flashcards
1
Q
What is the first component?
A
The Control Environment
2
Q
What is the second component?
A
Entity’s Risk assessment
3
Q
What is the third component?
A
The Information Systems
4
Q
What is the fourth component?
A
Control Activities
5
Q
What is the fifth component?
A
Monitoring the internal control systems
6
Q
The control environment
A
The context, influenced by management
7
Q
Entity’s risk assessment
A
Company determines what policies and procedures to implement
8
Q
The information systems
A
Gathers information about transactions for financial reporting purposes
9
Q
Control activities
A
The policies and procedures designed to detect and prevent or correct errors
