Which of the following processes ensures compliance with applicable laws and regulations?

Internal control is a process designed to ensure that an organization adheres to applicable laws and regulations while also achieving its operational and financial goals. This process includes practices and procedures that help mitigate risks by promoting accuracy and reliability in financial reporting, safeguarding assets, and ensuring compliance with laws and regulations. Through internal control systems, organizations can set standards for performance, monitor adherence to those standards, and take corrective action when necessary.

Key components of internal control include control activities, risk assessment, information and communication, and continuous monitoring. These elements work together to create a framework that not only supports compliance but also enhances the overall integrity and effectiveness of the organization's operations. Thus, internal control plays a crucial role in compliance by guiding organizations in maintaining lawful and ethical conduct in their practices.