46. Components of Internal Business Control

• Attitude of the top management towards monitoring is the key!

  • Is information and communication being acted on?

  • Is there ongoing training and updating?

  • Is there a whistleblower hotline or reward system for honesty?

  • Who are the gatekeepers of the Control Activities and can they override the controls?

  • Is there detailed Fraud Risk Assessment analysis being performed and maintained?

  • Does the Environment allow for fraud to take place?