2. 15 pts. We have discussed in length the COSO model for an effective system of Internal Control including its 5 components: (CE) Control Environment; (RA) Risk Assessment; (CA) Control Activities; (I&C) Information & Communication; & (M) Monitoring. To test your understanding of these, in the block immediately preceding each individual statement below, identify the COSO component each statement best applies to. Hint: There are 5-CE's; 4-RA's; 3-CA's; 3-IC's; & 2-M's. The organization specifies objectives with sufficient clarity to enable the identification and assessment of risks relating to objectives. The organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning. The organization selects and develops general control activities over technology to support the achievement of objectives. The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels. The organization obtains or generates and uses relevant, quality information to support the functioning of other components of internal control. The organization internally communicates information, including objectives and responsibilities for internal control, necessary to support the functioning of other components of internal control. The organization identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed. The organization identifies and assesses changes that could significantly impact the system of internal control. The organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives The organization evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directors, as appropriate. The organization deploys control activities through policies that establish what is expected and procedures that put policies into action. The organization demonstrates a commitment to integrity and ethical values. The organization demonstrates a commitment to attract, develop, and retain competent individuals in alignment with objectives. The organization considers the potential for fraud in assessing risks to the achievement of objectives. The organization communicates with external parties regarding matters affecting the functioning of other components of internal control. The Board of Directors demonstrates independence from management and exercises oversight of the development and performance of internal control. Management establishes, with Board oversight, structures, reporting lines, and appropriate authorities and responsibilities in the pursuit of objectives