Question 1: Internal Control (7 marks) i) Describe at least 2 of the 3 primary o

Question

Question 1: Internal Control (7 marks) i) Describe at least 2 of the 3 primary objectives of internal control, as shown in the COSO Framework (2 marks) ii) In an "effective" internal control system, five components work to support the achievement of an entizy's mision, strategies and related business objectives. Describe these five components of the COSO Framework discussed in class as it relates to the objoctives of internal control discussed in part i) above. (5 marks) strategies and related business objectives.

Explanation / Answer

Solution:-

1. Objective of internal control:-

2. Components of COSO framework;-

1. Control Environment

2. Risk Assessment

3. Control Activities

4. Information and Communication

5. Monitoring

Please Rate or comment if you have any doubt regarding this solution.

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.