From time to time, the control systems in place pertaining to management, financial, internal auditing,
and information systems, require that the Board of Directors;
- establishes and/or adopts formal implementation plan(s);
- establishes and maintains communication channels among management, the Board of
Directors, and the various committees of the Board to ensure a timely discussion of the
status and issues related thereto;
- establishes and maintains control and risk management programs in which controls and
procedures are documented and continuously evaluated and adopted in respect to processes
or changes; and
- incorporates steps within their formal implementation plan that address the foregoing,
such as control activities, information, communication, and monitoring.
