Question: 3. For six internal controls below, indicate which of the five COSO internal control components is best represented by each internal control. i. Control environment

3. For six internal controls below, indicate which of the five COSO internal control components is best represented by each internal control. i. Control environment ii. Risk assessment iii. Control activities iv. Information and communication v. Monitoring a. On a monthly basis, department heads compare a budget to actual performance report and investigate unusual differences. b. The company has developed a detailed series of accounting policy and procedures manuals to help provide detailed instructions to employees about how controls are to be performed. c. Senior management obtains data about external events that might affect the entity and evaluates the impact of that information on its existing accounting processes. d. Before a cash disbursement can be processed, all payee information must be verified by matching the payee to the company's approved vendor listing. e. The company has an organizational chart that establishes the formal lines of reporting and authorization protocols. f. Each quarter, department managers are required to perform a self-assessment of the department's compliance with company policies. Reports summarizing the results are to be submitted to the senior executive overseeing that department

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