Final answer:
The control environment, risk assessment, accounting information, control activities, and monitoring are referred to as the internal control components according to COSO's framework. The control environment is the foundation, risk assessment identifies and manages risks, and control activities address them, supported by an accounting information system and continuous monitoring.
Step-by-step explanation:
Under the Committee of Sponsoring Organizations (COSO) framework, the control environment, risk assessment, accounting information, control activities, and monitoring are aspects of what is referred to as the internal control components. COSO's internal control framework is widely recognized as a leading framework for designing, implementing, and conducting internal control and assessing its effectiveness.
The control environment sets the tone for the organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure. Risk assessment is the identification and analysis of relevant risks to achieving the entity's objectives, forming a basis for determining how the risks should be managed.
The accounting information system includes the methods and records that identify, assemble, analyze, classify, record, and report an entity’s transactions and maintain accountability for the related assets, liabilities, and equity. Control activities are the actions taken to address risks and help ensure that management's directives are carried out.
Monitoring activities deal with the ongoing or periodic assessment of the quality of internal control performance over time.