Question

The part of COSO's framework that:

Assess the quality of a company's internal control over time and taking actions as necessary to ensure it continues to address the risks of the organization.

Answer 1

The COSO framework's monitoring activities component is responsible for assessing and improving the quality of a company's internal controls over time, ensuring alignment with organizational risks.

Step-by-step explanation:

The part of COSO's framework that assesses the quality of a company's internal control over time and takes actions as necessary to ensure it continues to address the risks of the organization is known as the monitoring activities component. This component involves establishing regular protocols and checks to ensure that the internal controls are functioning as intended and continue to be aligned with the changing risk environment. It may include periodic evaluations, both internal and external audits, and continuous monitoring processes to assess the performance and adequacy of internal controls.