5 Components Of IC Flashcards
What are the five components of internal control?
C
R
I
M
E
Control environment
Risk assessment
Information and technology
Monitoring activities
Existing control activities
Control environment
E
B
O
C
A
Commitment to ethical values and integrity
Board independence and oversight
Organizational structure
Commitment to competence
Accountability
Risk assessment
S
A
F
R
Specify objectives
Assess and identify changes
Consider the potential for fraud
Identify and analyze risks
Information and communication
O
I
E
Obtain & use information
Internally communicate information
Communicate with external parties
Monitoring
S
O
D
Separate
Ongoing evaluation
Communicate deficiencies
Control environment
C
A
T
P
Select and develop control activities
Select and develop technology controls
Deploy policies and procedures