COSO IC Objective Or IC Components Controls Implemented for firm ABC A. Operations The executive team meets quarterly to review all business risks (including the potential for fraud), implements risk responses, and manages risk, including making changes to the system of internal control. B. Risk assessment The executive team meets each month to review the monthly financial statements and accounting ratios provided by the controller and approved by the CFO. The main objective of this review is to see whether the firm has met operational and financial performance goals. C. Monitoring The employee who performs bank reconciliations is someone other than the employees who handle cash and generate payments from the firm. D. Information and communication Management implemented a code of ethics, which includes policies on conflicts of interest. All employees, including executives, electronically sign an acknowledgment that they have read, understand, and agree to abide by the code. E. Compliance Management implemented continuous monitoring of the call center to confirm that it answers calls in a timely manner. F. Control activities Strong controls are in place to ensure proper accounting for and timely payment of statutory payroll deductions, like (1) federal, state, and local income taxes and (2) Social Security and Medicare deductions and firm contributions, to the respective governmental agencies. G. Control environment The human resources department has process