Match each of the following components of internal control with its description. Components of Internal Control Descriptions 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring a. Procedures for maintaining separation ofduties.b. Routine activities that are meant tocontinually observe internal controlactivities.c. Transfer of data from lower managersto top executives for accurate financialreporting.d. Formal policies to evaluate internal andexternal threats to achieving companyobjectives.e. Overall attitude of the company withrespect to internal controls.

Who has primary responsibility for overseeing the establishment, implementation, and evaluation of risk management and controls? I Operating managers. B) Internal auditors. External auditors. Senior management

Entity-level controls can have a pervasive effect on the entity's ability to meet the control criteria. Which one of the following is not an entity-level control?           A. The period-end financial reporting process           B. Controls to monitor results of the operations           C. Controls to monitor the inventory taking process            D. Management's risk assessment process

The Committee of Sponsoring Organizations of the Treadway Commission's (COSO's) Internal Control—Integrated Framework provides a model for organizations to design and implement an entity-wide system of controls.  Which of the following BEST (select one) describes the purpose of the COSO model? a) To provide a tool to perform risk assessments b) To motivate employees to maintain a culture of compliance c) To provide auditors with a detailed work pogram to perform audits d) To provide a model to help organizations better design, implement, and assess internal contreol thereby supporting governance objectives