question archive Which one of the following below is not an element of internal control? risk assessment monitoring information and communication cost-benefit considerations
Which one of the following below is not an element of internal control? risk assessment monitoring information and communication cost-benefit considerations
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Which one of the following below is not an element of internal control?
-
- risk assessment
- monitoring
- information and communication
- cost-benefit considerations
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Answer:
D .
Step-by-Step explanation
Internal control is a system of management which gives the assurance of achievement of goals and objectives of the entity. There are 5 components of internal control which are shown below:
a) Control environment
b) Risk assessment
c) Information and communication
d) Monitoring
e) Control activities
Hence, the correct option is 'D'.
