Internal control and risk management - a review agenda

The following is a discussion agenda on internal control and risk management:

1. What is internal control and the context of control
2. Framework and scope of internal control
3. Elements of a sound system of internal control
4. The inter-relatedness of internal control and risk management
5. Responsibilities for internal control and risk management
• The board of directors
• Board policies
• Internal audit function
• Audit committee
• Executive management
• Operational personnel
• Listing rule requirements
6. Reviewing the effectiveness of internal control: the process and monitoring of controls

References

1. Hong Kong Institute of Certified Public Accountants (2005) "Internal Control and Risk Management: A basic framework", June.
2. KPMG (1999) "The KPMG Review: Internal Control: A practical guide", October.
3. The Institute of internal control: http://www.theiic.org/