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Framework for the Evaluation of Internal Control Systems
Table of Contents
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| Introduction |
| I. Background |
| II. The objectives and role of the internal controls framework |
| III. The major elements of an internal control process |
| A. Management oversight and the control culture |
| 1. Board of directors |
| 2. Senior management |
| 3. Control culture |
| B. Risk assessment |
| C. Control activities |
| D. Information and communication |
| E. Monitoring |
| IV. Evaluation of internal control systems by supervisory authorities |
| V. Role and responsibilities of external auditors |
| Appendix - Supervisory lessons learned from internal control failures |
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Framework for the Evaluation of Internal Control Systems
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