Question

Which of the following best describe the interrelated components of internal control? Risk assessment process, backup facilities, responsibility accounting, and natural laws. Assignment of authority and responsibility, management philosophy, and organizational structure. Organizational structure, management philosophy, and planning. Control environment; risk assessment process; control activities; the information system, including related business processes; and monitoring of controls.

Answer 1

Answer:

Control environment; risk assessment process; control activities; the information system, including related business processes; and monitoring of controls.

Explanation:

From the following, the OPTION which best illustrates the interrelated components of internal control is OPTION (C).

Because as we know that interrelated components of internal control consists of co-ordination, as well as handling and controlling the system, taking illustration of the work and making of positive decisions.

So this is the reason OPTION (C) will be the answer, as it also consist all of the components which are present in interrelated components of internal control.