Question at position 3 Monitoring internal control systems is the primary responsibility of the:Board of directors.Senior management.External auditors.Internal auditors.

Question

Question at position 3 Monitoring internal control systems is the primary responsibility of the:Board of directors.Senior management.External auditors.Internal auditors.

BlackTom AI · Accepted Answer

The question asks who bears the primary responsibility for monitoring internal control systems.
Option 1: Board of directors. While the board has ultimate governance responsibility and oversight duties, day-to-day monitoring of internal controls is not their primary role; they oversee governance and provide direction, but the detailed monitoring is delegated to management and internal auditors.
Option 2: Senior management. Senior management is responsible for establishing and maintaining internal controls and for implementing policies, but the ongoing, routine monitoring of those controls is typically carried out by internal audit, with independent assurance.
Option 3: External auditors. External auditors assess the effectiveness of internal controls as part of an audit but are not responsible for ongoing monitoring of internal control systems within the organization; their work is periodic and focused on verification and assurance, not continuous monitoring.
Option 4: Internal auditors. Internal auditors specialize in evaluating and monitoring internal control systems on an ongoing basis, providing independent assurance to the board and management about effectiveness and compliance. Their mandate explicitly includes monitoring controls, testing compliance, and identifying weaknesses for remediation.
In summary, the core responsibility for ongoing monitoring of internal control systems rests with internal auditors, as they are equipped to perform independent, systematic assessments and provide ongoing assurance within the organization.

Question at position 3 Monitoring internal control systems is the primary responsibility of the:Board of directors.Senior management.External auditors.Internal auditors.

View Explanation

Log in for full answers

Similar Questions

Which of the following is not an overall primary objective of the COSO framework?

Match the following examples to the correct component of internal control. 1: Control environment 2: Monitoring 3: Control activities

Which element of internal control does this best relate to? A financial services firm conducts regular internal audits to evaluate the effectiveness of its internal controls and make necessary improvements.

Match the following examples to the correct component of internal control. 1: Control environment 2: Risk assessment 3: Control activites 4: Monitoring 5: Information and communication

Match the example to the correct component of internal control. 1: Control environment 2: Control activities 3: Risk assessment

Question at position 31 Which of the following is an objective of COSO’s internal control framework:Compliance objectives.Control environment.Information and communication.Monitoring Activities.

The purpose of a _____ is to safeguard assets, optimize the use of the organization’s resources and prevent or detect errors or fraud.

More Practical Tools for International Students

Homework AI Solver

Stylized Writing Assistant

Plagiarism Checker Assistant

Citation Assistant

In-Class Translation Assistant

Class Notes Assistant

Quiz Search Assistant

Past Exam Questions by School

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler