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Information and Communication

Identification of pertinent information and its timely communication is essential to any control system and enables individuals to carry out their responsibilities. The board and senior management need to receive relevant, reliable and timely operational, financial and compliance-related information, consistent with the objectives of the business, to enable them to run and control the business.

Effective communication must also occur in a broader sense, flowing down, across and up the organisation. All personnel must receive a clear message from top management that control responsibilities must be taken seriously. They must understand their own role in the internal control system, as well as how individual activities relate to the work of others. They must have a means of communicating significant information upstream. There also needs to be effective communication with external parties, such as customers, suppliers, regulators and shareholders.

Monitoring

Monitoring procedures are designed to assess the quality of the control system's performance and ensure that it continues to operate effectively in controlling the operations of the business. Monitoring is achieved through ongoing monitoring activities, separate evaluations or a combination of the two. Ongoing monitoring occurs in the course of operations and would typically include regular management and supervisory activities, and other actions personnel take in performing their duties. Internal Audit plays a central role in the monitoring required to enable the board to report positively on internal control.