Question

Define internal control and explain its major components

Answer 1

✔✅ In an “effective” internal control system, the following fivecomponents work to support the achievement of an entity's mission, strategies and related business objectives. 1. ControlEnvironment. Integrity and Ethical Values. Commitment to Competence.

Answer 2

In an “effective” internal controlsystem, the following five componentswork to support the achievement of an entity's mission, strategies and related business objectives. 1. ControlEnvironment. Integrity and Ethical Values. Commitment to Competence.

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