Code of Ethics (cont'd)
- Effective control environment
- Board of Directors and audit committee participation
- Assignment of authority and responsibilities
- Commitment to competence
- Integrity and ethical values
- Control environment can reduce effectiveness of other components
- Management incentives could result in material misstatement of financial statements
- Internal control can be affected by changes in management and developments in the industry, such as cuts in funding.
2005 - Federal Transit Administration