Final answer:
The statement about the internal control system being made up of the control environment, the accounting system, and control activities is true. These components are integral parts of a solid internal control framework and work together to help manage risks and achieve organizational objectives.
Step-by-step explanation:
The student's question concerns the components of an internal control system in an organization. The statement that the internal control system is comprised of the control environment, the accounting system, and control procedures (activities) is True. The internal control framework, as defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), includes these elements. The control environment sets the overall tone for the organization, influencing the control consciousness of its people. It's the foundation for all other components of internal control. The accounting system involves the methods and records established to identify, assemble, analyze, classify, record, and report an entity’s transactions and to maintain accountability for the related assets and liabilities. Lastly, control procedures, also referred to as control activities, are the policies and procedures that help ensure management directives are carried out. They are the mechanisms put in place to address the risks that the organization's objectives may not be achieved.