Internal Control Standards for the Public Sector

Internal control is an integral process that is effected by an entity’s management and personnel and is designed to address risks and to provide reasonable assurance that in pursuit of the entity’s mission, the following general objectives are being achieved:

• executing orderly, ethical, economical, efficient and effective operations;
• fulfilling accountability obligations;
• complying with applicable laws and regulations;
• safeguarding resources against loss, misuse and damage.

Contents

Introduction
1 Internal Control
1.1 Definition
1.2 Limitations on Internal Control Effectiveness
2 Components of Internal Control
2.1 Control Environment
2.2 Risk Assessment
2.3 Control Activities
2.4 Information and Communication
2.5 Monitoring
3 Roles and Responsibilities
Annex 1 Examples
Annex 2 Glossary

Format: PDF | Size: 632 KB

Source: Intosai

Internal Control Standards for the Public Sector