an internal control system should consist of five components.which of the following is not

Question

a. the control environment b.risk assessment c.monitory d.internal control policies

Answer 1

"ISA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment states that auditors need to understand an entity's internal controls. To assist this process it identifies five components of an internal control system:
1. the control environment;
2, the entity's risk assessment process;
3. the information system;
4. the control activities; and
5. the monitoring of controls."    

  --  http://kfknowledgebank.kaplan.co.uk/KFKB/Wiki%20Pages/The%20Components%20of%20an%20Internal%20Control%20System.aspx