MANAGEMENT

Detailed explanation-1: -Answer and Explanation: The correct option is (c) behavior analysis. It is not considered an element or a component of internal control as it is concerned with analyzing the behavior of individuals which can lead to better management of challenging behavior and also provides individualized assessments.

Detailed explanation-2: -Internal control is a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance: That information is reliable, accurate and timely. Of compliance with applicable laws, regulations, contracts, policies and procedures.

Detailed explanation-3: -There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.

Detailed explanation-4: -The correct option is (C) Monitor risk assessment. There are three main primary objectives of the internal control system which do not include monitoring risk assessment because risk assessment is another tool of accounting to reduce and minimize the risks associated.

Detailed explanation-5: -Pre-approval of actions and transactions (such as a Travel Authorization) Access controls (such as passwords and Gatorlink authentication) Physical control over assets (i.e. locks on doors or a safe for cash/checks) Employee screening and training (such as the PRO3 Series to increase employee knowledge)