Question 1 In order to minimize the chances of errors and fraud, a company should put in place internal controls. The fo

[answerhappygod]

Question 1
In order to minimize the chances of errors and fraud, a company
should put in place internal controls. The following are the
components of an internal control system:
•Control environment
•The entity’s risk assessment process
•The information system relevant to financial reporting
•The control activities
•The monitoring system
Required:
With the aid of examples, explain fully each of the components
& how it assist to create a robust internal control
system
(20 Marks)