Question

What are the key components of internal control?

Answer 1

In an “effective” internal control system, the following five components work to support the achievement of an entity’s mission, strategies and related business objectives.
1. Control Environment
2. Risk Assessment
3. Control Activities
4. Information and Communication
5. Monitoring
Source:
https://info.knowledgeleader.com/bid/161685/what-are-the-five-components-of-the-coso-framework