Final answer:
Financial reporting is not an element of internal control; it is the end-product that is influenced by the effective implementation of internal control processes such as risk assessment, monitoring, and segregation of duties.
Step-by-step explanation:
The internal control system within a business is a process designed to assure the integrity of financial and accounting information, promote accountability, and prevent fraud. Among the elements of internal control are risk assessment, which involves identifying and analyzing risks that might prevent the organization from achieving its objectives; monitoring of controls, to ensure that they are operating as intended; and segregation of duties, which ensures that no single individual has control over all aspects of a financial transaction, to prevent misuse of assets or fraudulent activity.
Financial reporting, although closely related to internal controls, is not one of its elements. Instead, it is an end-product because the internal control system is designed to ensure the accuracy and reliability of the financial reports.