The components of internal control include: control procedures, risk assessments, information systems, control monitoring, and the environment. Failure to maintain internal control can have devastating effects. For example, Enron Company did not properly follow a system of internal controls. As a result, the company collapsed, leaving thousands of employees and investors to suffer the consequences. As a result, the Sarbanes-Oxley Act of 2002 was passed. It requires publicly traded companies to disclose internal control reports and imposes heavy penalties on those who fail to comply. Internal control of collections and payments is crucial to the success of a business. Segregation of duties is one of the most important elements of cash flow control. It is difficult for employees to commit fraud because a single employee does not bear all the responsibilities. Internal control is one of the most important elements of successfully running a business and will continue to be so in the future. Businesses must be flexible and adjust their plans as they go