Measuring the effectivness of an internal control system

Every organisation has an internal control system (ICS), some very complex others very basic. These are created on a risk basis. The paper proposes a methodology whereby management can monitor the effectiveness and cost effectiveness of their ICS. In addition it proposes a methodology of managing the ICS and for determining the required controls which is operable by the senior management. It also suggests that the use of IT tools to maintain the documentation of the management system would lead to greater efficiency and assist in training the people involved in the implementation and maintenance of the effective controls. A much larger paper on this topic can be found at www.gammassl.co.uk/topics/time