Question

which of the following are considered control environment factors? detection risk human resources policies and practices a. no yes b. yes no c. yes yes d. no no

Answer 1

The answer is Option A, No Yes.

Why is it crucial to have a controlled environment?

The control environment sets the tone for the business and has an impact on how personnel carry out their tasks and perform their control-related duties. The control environment establishes structure and discipline and serves as the basis for all other internal control elements.

The term C.R.I.M.E. is frequently used to refer to the five COSO components, which are control environment, risk assessment, information and communication, monitoring activities, and existing control actions. What constitutes an efficient control environment is as follows: a setting where competent people are aware of their roles and the boundaries of their power and are determined to do the right thing and do it in the right manner.

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Answer 2

An atmosphere with competent people who are aware of their tasks and the limits of their authority and who are committed to act morally is what makes for an effective control environment.

What is the meaning of  crucial to have a controlled environment?

• The business's overall tone is defined by the control environment, which also affects how employees carry out their jobs and fulfill their control-related responsibilities.

• All other internal control aspects are built upon the control environment, which creates structure and discipline.

• The five COSO components—control environment, risk assessment, information and communication, monitoring activities, and existing control actions—are usually referred to as C.R.I.M.E.

• An atmosphere with competent people who are aware of their tasks and the limits of their authority and who are committed to act morally is what makes for an effective control environment.

• Detection risk human resources policies and practices is yes

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