Final answer:
The least accurate statement regarding COSO framework concepts is that risk assessment and monitoring are part of a company's 'control environment,' as these are separate components within the framework, not strictly part of the control environment.
Step-by-step explanation:
The COSO framework defines internal control as a process, effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. The least accurate statement regarding concepts defined by the COSO framework among the provided options would be "Ethical values, risk assessment and monitoring are part of a company’s 'control environment'" because while ethical values are indeed a part of the control environment, risk assessment and monitoring are separate components within the COSO framework.
According to COSO, the control environment is the foundation for all other components of internal control, providing discipline and structure. Risk assessment and monitoring are indeed important components, but they represent separate aspects of the COSO framework. The control environment encompasses the organization's tone, setting a foundation for internal control, including the values and behaviors of the employees, but it is distinct from the risk assessment process, which involves identifying and analyzing risks to achieving the entity's objectives, and monitoring, which involves the assessment of the quality of internal control performance over time.