The principles of effective Internal Control

17 principles of effective internal control are as follows:

  1. Demonstrate commitment to integrity and ethical values.
  2. Ensure that board exercises oversight responsibility.
  3. Establish structures, reporting lines, authorities and responsibilities.
  4. Demonstrate commitment to a competent workforce.
  5. Hold people accountable.
  6. Specify appropriate objectives.
  7. Identify” and analyze risks.
  8. Evaluate fraud risks.
  9. Identify” and analyze changes that could significantly affect internal controls.
  10. Select and develop control activities that mitigate asks.
  11. Select and develop technology controls.
  12. Deploy control activities through policies and procedures.
  13. Use relevant, quality information to support the internal control function.
  14. Communicate internal control information internally.
  15. Communicate internal control information external llv.
  16. Perform ongoing or periodic evaluations of internal controls (or a combination of the two).
  17. Communicate internal control deficiencies.