Internal control system
1. Control environment & control culture: good attitude/ awareness of the need for
internal control. Take action for improvement.
; Consult with the senior management. Assess their opinions and views
; Employ experienced people/ act on recommendation/ internal audit as
important function/ segregation of duty
2. Risk identification: discuss risk assessment with mgt responsible and read the
report by the risk committee.
; Establish risk committee/ risk consultant/ mgt of operational department
prepare risk assessment in their area
3. Control activity: detailed internal control over business process
; Document key business process and control over it/ identify key
control/material weakness report to audit committee
; System of devising and implement control is effect ive