Week 6 - 5 Components Updated Flashcards

1
Q

What is the first component?

A

The Control Environment

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2
Q

What is the second component?

A

Entity’s Risk assessment

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3
Q

What is the third component?

A

The Information Systems

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4
Q

What is the fourth component?

A

Control Activities

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5
Q

What is the fifth component?

A

Monitoring the internal control systems

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6
Q

The control environment

A

The context, influenced by management

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7
Q

Entity’s risk assessment

A

Company determines what policies and procedures to implement

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8
Q

The information systems

A

Gathers information about transactions for financial reporting purposes

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9
Q

Control activities

A

The policies and procedures designed to detect and prevent or correct errors

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