Responsibility for internal control is not simply an executive management role.
All employees have some responsibility for monitoring and maintaining internal controls.
Roles in monitoring range from the CEO setting the ‘tone’ for internal control compliance, to the external auditor, reporting on the effectiveness of the system.
Board of Directors Responsibility:
– Ensuring adequacy and effectiveness of Internal Control System.
Senior Executive Management Responsibility:
– Setting internal control policies.
– Monitoring effectiveness of internal control system.
Head of business units Responsibility:
– Establishing specific internal control policies and procedures.
All Employees Responsibility:
– Operating and adhering to internal controls