Question

The five elements of internal control include all of the following except risk assessment. control procedures. information and communication. None of these choices are correct.

Answer 1

Here, the five elements include all of the following except- None of these choices are correct

What are the five elements of internal control ?

Different internal control systems function with varying degrees of efficacy. A judgment on an internal control system's effectiveness is made after evaluating if each of the five components -

• Control Environment-The tone of an institution is defined by the control environment created by the organization's management, which also has an impact on the individuals who work there.
• Risk Assessment-Every entity must evaluate the many risks it confronts from both internal and external sources. Setting up objectives that are internally consistent and related at various levels is a prerequisite for risk assessment.
• Control Activities-The rules and practices that guarantee management directions are followed are known as control activities. They aid in ensuring that the required steps are made to address risks preventing the entity from achieving its goals.
• Information and Communication-Relevant information must be located, recorded, and disseminated in a way and at a pace that makes it possible for recipients to fulfill their duties. Effective communication must flow up, down, and throughout the company in a wide sense.
• Monitoring-Regular management and supervision tasks, as well as other actions staff members do while carrying out their jobs, constitute ongoing monitoring, which evaluates the effectiveness of internal control system performance.

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