DISCUSSION QUESTIONS AND PROBLEMS 11-22 (OBJECTIVES I. The compan 11-3, 11-4) Following are descriptions of ten internal controls y uses benchmark data to assess losses from theft. The company then 2. The company adopts the use of narratives and data flow diagrams to document the compares its own data with those of other companies procedures relating to the company's financial reporting 3. The audit committee is committed to establish procedures for whistleblowing any ac- counting, internal controland auditing matters from employces,customers and suppliers 4. The accounting department performs a three-way match by comparing data between the purchase order,goods received note and invoice to ensure mathematical accuracy 5. The company establshes a number of key performance indicators for many financial processes. The management then regularly tracks the performance to established targets for evaluation. 6. The company follows strictly a full system development life cycle when it develops in-house software. This covers implementation, security and conversion issues of the software. 7. The company publishes bi-monthly newsletter on its intra-net. The newsletter in- cludes a column on matters relating to the company's code of conduct which empha- size the importance of integrity 8. The company has developed a financial and internal control reporting package. The accounting department will generate the reports monthly and submit to the direc- tors for review on the company's internal controls. impact to the company's operations. 9. An internal audit department has been established to conduct separate evaluations 10. The company constantly reviews websites, social media and trade publications in order to observe changes in the external market. The management then assesses the Required Indicate which of the five COSO internal control components is best represented by cach internal control. a. Control environment b. Risk assessment c. Control activities d. Information and communication e. Monitoring