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Syllabus F. Organisational Control And Audit F1. Management And Internal Control Systems

F1acde. Effective Systems of Internal Control

Effective systems of Internal Control

These are:

  • Principles of internal control embedded within the organisation’s structures, procedures and culture.

  • Capable of responding quickly to evolving risks. 

    Any change in the risk profile or environment of the organisation will necessitate a change in the system

  • Include procedures for reporting failures immediately to appropriate levels of management