An accountant or anyone who audits the system of any organization must be aware of the five components of internal control system while considering an accounting system. These elements or components are as follows:
Control Environment: It refers to the attitude of the management and staff of the company regarding the internal control system. This keeps the check on their behavior whether the members of the staff and management take the measures of the internal control system seriously or they just pretend to take these seriously, actually ignoring them. This is the basis of the other elements of the internal control system including the moral values, the honesty of the employees, managerial skills, etc., which are included in this element of internal control.
Risk Assessment: Once all the objectives of an organization are decided, the next step of the business organization is to assess the risk involved in the business. There are two types of risks involved in the business: internal risk and external risk.
Control Activities: The next element of the internal control system is the control activity, which is established by the management to prevent the risks related to the objectives of the business organization. This controlling activity includes all the policies and measures to be followed in an organization.
Information and Communication: In any business organization, the management needs to take important decisions for which all the relevant information is collected and reported in the given period. This information can be collected from internal or external sources. Communication, on the other hand, is a very vital source that helps in achieving the objectives of the business. All the employees need to realize that their responsibilities are related to the activities of others. Communication is considered more important at the top level, where the officials are to communicate with the outside parties like investors and the creditors.
Monitoring: While the internal control system is in practice, the management team of the organization supervises its efficiency and the effectiveness so that if any problem arises at any point in time, it can be handled in its initial stage.
There are two types of risks which are as explained below:
Internal Risk: It refers to the risks related to the management personnel which are usually predictable and can be avoided. These include the shortage of labor, poor technology, failure of machines, and poor advertisements.
External Risk: External risks of the business are the risks related to economy slowdowns which may lead shortage in revenue. These include economic factors like pricing and market risks, natural factors like floods and earthquakes, and political factors.
The measures of these control activities are:
Preparation and use of all the documents of the business,
Segregation of responsibility in an organization,
Proper delegation of power to the related employees,
Independent control over these activities in the business and
Adopting various security measures to protect the properties.
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