CIMA P3 Syllabus C. Internal controls - Effective Systems of Internal Control - Notes ^{6 / 21}

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