The paper, developed by IFAC's Professional Accountants in Business (PAIB) Committee, summarises key internal control frameworks, highlights recent legislative and other initiatives, and discusses the role of internal control in enhancing corporate governance.
"The paper finds that current views on internal controls support a principles- and market-based approach in which organizations make a commitment to develop internal control systems particular to their own specific internal and external environments. It also identifies the importance of the tone at the top and the culture and ethical framework throughout the organization to the effective implementation of an internal control system."
The paper may be downloaded without charge (registration required) from IFAC's Website
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(PDF 80k, 19 pages).