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What are the basics of Internal Control Components?

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Question added by Muhammad Faheem , Audit Consulting Associate , Deloitte Yousuf Adil Chartered Accountants
Date Posted: 2015/11/06
Desislava Kamenova
by Desislava Kamenova , Senior Accountant , Savallos Trading and Management Group Ltd

The Internal Control is based on the Control Environment ( the attitude to control); Risk Assessment (whether management has identified its riskiest areas and implemented control); Control Activities (policies and procedures); Information and Comminication (includes control to safeguard assets, accounting records, back up data and etc.); Monitoring (how effectice the monitoring is?);

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