ABSTRACT
The board of directors demonstrates independence both from management and exercises oversight of the development and performance of internal control. The organisation holds individuals accountable for their internal control responsibilities in the pursuit of objectives. The organisation identifies and assesses changes that could significantly impact the system of internal control. The organisation internally communicates information, including objectives and responsibilities for internal control, necessary to support the functioning of internal control. The organisation obtains or generates and uses relevant quality information to support the functioning of internal control. The organisation communicates with external parties regarding matters affecting the functioning of internal control. The organisation, selects, develops and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning. The organisation evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directives, as appropriate.
