The Committee of Sponsoring Organizations of the Treadway Commission (widely known as COSO) revised its Internal Control - Integrated Framework to update its guidance to reflect a number of advancements in best practices, including those related to information technologies. Visit COSO's website (www.coso.org) to obtain a copy of the Executive Summary of the revised Internal Control - Integrated Framework. Review that summary to answer the following questions:
(a) What are the five components of internal control?
(b) What is the relationship between the components of internal control and the principles of internal control and how many principles are in the framework?
(c) One of the principles describes the importance of general controls. Identify the component of internal control that principle addresses and describe why COSO embedded that principle in that component.