COMPONENTS OF INTERNAL CONTROL

5 components of Internal control

1.Control Environment
2.Risk Assessment
3.Information and communication systems
4.Control activities
5.Monitoring
CONTROL ENVIRONMENT
- the standards, processes, and structures
that provide the foundation for internal
control throughout the organization
6 Factors reflected in the control environment:
1. Integrity and Ethical Values
2. Management philosophy and operating style
3. Active participation of those charged with governance
4. Commitment to competence
5. Personnel policies and procedures
6. Assignment of responsibility and authority/ Organizational structure