Financial pressure is not a primary component of an internal control system. The primary components of an internal control system are:
Components of an Internal Control System
- Control environment sets the tone of an organization and provides discipline and structure. It sets the basis for how risk is assessed and how internal controls are developed and implemented.
- Risk assessment is the process of identifying potential risks to the organization and assessing their impact.
- Control activities are the policies and procedures put in place to reduce the risk of errors and fraud.
- Information and communication provide the necessary information to ensure that internal control activities are functioning properly and to allow timely corrective action when necessary.
- Monitoring is the process of evaluating the effectiveness of the internal control system over time and making changes when needed.
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