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$2.$ One or more internal Control Objectives from Column $1.$

b$.$ The single most appropriate internal Control Component from Column $1.$

Column $2$: Controls Implemented For Firm ABC

The executive team meets quarterly to review all business risks fincluding the potential for fraudl. implements risk responses, and manages risk, including making changes to the system of internal control.

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 Anuncial performance goals.

The employee who performs bank reconciliations is someone other than the employees who handle cash and generate payments from the firm.

Management implemented a code of ethics, which includes policies on conflicts of interest. All employees, including executives, electronically sign an acknowledgenent that they have read, understand, and agree to abide by the code.

Manugement implemented continuous monitoring over the call center to confrm that the call center answers the calls in a timely manner.

Strong controls are in place to ensure proper accounting for and timely payment of statutory payroll deductions. Ilie $(1)$ federal, state, and local income taxes and $(2)$ social security and Medicare deductions and frm contributions, to the respective governmental agencies.

The human resources department has processes in place to ensure that employees at all levels have the qualifications, experience, and training to efficiently and effectively perform their work.

There are controls in place to ensure that the audit committee receives reports in a timely manner on internal control deficiencies identified by the internal audit department.

Column $2$: Controls

Implemented For

Firm ABC

Internal Control Objectives

Internal Control Component

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