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12. Consider the following question that the Board of Directors for Warn Sports Supply might ask themselves about the business processes and internal controls: If
12. Consider the following question that the Board of Directors for Warn Sports Supply might ask themselves about the business processes and internal controls:
If Nancy or Jim fail to implement proper controls, is Ray held accountable if he does not follow up with them?
Which element of the COSO framework is most closely identified? Recall that Ray Kramer is the manager, Jim Adams and Nancy Ford are both employees. (Answer IS NOT "A")
- Control environment
- Information and communication
- Risk assessment
- Monitoring
- Control activities
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