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Practice CPA®CPA AUD Practice Exam 3Question 50

Easy1 markMultiple Choice

Area II: Risk AssessmentRisk AssessmentCOSOInternal Control

CPA · Question 50 · Area II: Risk Assessment

Which of the following is a component of the COSO Internal Control—Integrated Framework?

Answer options:

A.

Segregation of Duties.

B.

Information and Communication.

C.

Reliability of Financial Reporting.

D.

Materiality.

How to approach this question

Memorize CRIME (Components) and ORC (Objectives). Don't mix them up.

Full Answer

B.Information and Communication.✓ Correct

Information and Communication.

The 5 COSO Components are: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring.

Common mistakes

Confusing Components (CRIME) with Objectives (ORC) or Principles.

Question 49 All questions Question 51

Practice the full CPA AUD Practice Exam 3

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