Relationship of the five internal control components The five components of the COSO internal control system are conceptually and logically integrated. List the five components of the model and describe how they are integrated with each other in the internal control process. Use the following format: Components Description 1 2 3 4 5

Answer 1

1 . Control environment
The component of internal control that includes the set of standards, processes, and structures that provides the basis for carrying out internal control across the organization.
2 . Risk assessment
The component of internal control that is the process for identifying and assessing the risks that may affect an organization from achieving its objectives.
3 . Control activities
The component of internal control that includes control actions that have been established by policies and procedures.
4 . Information and communication
The component of internal control that refers to the process of identifying, capturing, and exchanging information in a timely fashion to enable accomplishment of the organization's objectives.
5 . Monitoring
The component of internal control that determines whether the controls, including all five components, are present and continuing to function effectively.