The components of internal control consist of: control procedures, risk assessments, information systems, monitoring of controls and the environment. Failure to maintain internal control can have devastating effects. For example, the 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 established. It requires publicly traded companies to make internal control reports public and imposes severe penalties for those who do not comply. Internal control of receipts and payments is fundamental to the success of a company. Segregation of duties is one of the most important components of liquidity control. It makes it difficult for employees to commit fraud because one employee does not bear all the responsibility. Internal control is one of the most important components of successfully running a business and will continue to be so in the future. Companies need to be flexible and adjust their plans