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An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:-

* Inherent Risk

* Control Risk

* Detection Risk

Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:-

* Control environment

* Risk Assessment

* Control Activities

* Information & Communication

* Monitoring

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Florine Wiza

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3y ago

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