Question

In: Accounting

7. Which of the following are principles associated with the control environment? Participation of those charged...

7. Which of the following are principles associated with the control environment?

  • Participation of those charged with governance and ethical values and integrity

  • Commitment to competence and participation of those charged with governance

  • Commitment to competence and ethical values and integrity

  • Commitment to competence, participation of those charged with governance, and ethical values and integrity

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  • Participation of those charged with governance and ethical values and integrity

  • Commitment to competence and participation of those charged with governance

  • Commitment to competence and ethical values and integrity

  • Commitment to competence, participation of those charged with governance, and ethical values and integrity

Solutions

Expert Solution

COSO(Committe of sponsoring organisation) provides us with the standards which are necessary for maintaing and carrying the internal countols across the organisation.COSO provides us with the framework to carry out the internal control in an organisation. It is the responsibilty of those charged with goverment to develop and maintain effective countrol acroos the organisation.

Countrol enviorment is one of the five component which is provided by the COSO which helps to achieve the organisation objective by mainting effective control system in the organisation.

Following principles are associated with the control enviorment

i)Participation of those charged with governance and ethical values and integrity.

ii)Commitment to competence and participation of those charged with governance.

iii)Commitment to competence, participation of those charged with governance, and ethical values and integrity.

iv)Commitment to competence and ethical values and integrity.

The other four component provided by coso are risk assesement,control activities,information and communication and monitoring.

NOTE: THE QUESTION IS REPEATING ALL THE POINTS AGAIN.

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ekkarill92 answered 2 years ago
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