1. There is one set of control activities that all organizations should implement.
2. Control activities include both preventive and detective controls.
3. An organization’s accounting system is part of its information and communication component of internal control.
4. An organization needs information from both internal and external sources to carry out its internal control responsibilities.
5. As part of monitoring, an organization will select either ongoing evaluations or separate evaluations, but not both.
6. Communicating identified control deficiencies is a principle of monitoring.
7. If management identifies even one material weakness in internal control, then management will conclude that the organization’s internal control over financial reporting is not effective.
8. Management will classify a control deficiency as a material weakness only if there has been a material misstatement in the financial statements.