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The five essential control components for managers and auditors established are:
1) Control environment : Control environment factors include the integrity, ethical values,
management's operating style, delegation of authority systems.
2)Risk assessment: Risk assessment is the identification and analysis of relevant risks to the achievement of assigned objectives
3)Control activities: Control activities occur throughout the organization, at all levels and in all functions. They include a range of activities as diverse as approvals, authorizations, verifications, reconciliations, reviews of operating performance, security of assets and segregation of duties.
4)Information and communication: Information systems play a key role in internal control systems as they produce reports, including operational, financial and compliance-related information.Effective communication must ensure information flows down, across and up the organization.
5)Monitoring: Internal control deficiencies detected through these monitoring activities should be reported
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