A truly comprehensive framework requires five components: (1) the establishment and maintenance of a sound control environment (corporate culture): (2) the regular, ongoing assessment of risk, (3) the design, implementation, and maintenance of control-related policies and procedures to compensate for identified risks; (4) adequate communication; and 5) the regular, ongoing monitoring of control-related policies and procedures to ensure that they continue to function as designed and to ensure that identified problems are handled appropriately.
Government Finance Review, April, 2005 by Stephen J. Gauthier
URL:
