Hi sir, when asked for “failures in internal control”, one way to do so , is to use the COSO 5 component framework right?
For control environment: We have to assess whether the control environment in the question is weak or strong.
If top management seems to only care about profits and ignore controls then its likely that that the employees will not take internal controls seriously as well.They will tend to have a mindset that its okay to not follow the controls because as employees, they will definitely follow the lead of their senior managers. This indicates a weak control environment and it could be one of the reasons for failure in internal control.