1. People: The individuals who use and maintain the system, including accountants, managers, and external auditors.
2. Procedures: The policies and processes used to collect, process, and report financial information.
3. Data: The financial information that is collected, stored, and processed by the system.
4. Software: The computer programs and applications used to process and manage financial information.
5. Hardware: The physical devices and equipment used to store and process financial information, such as servers, workstations, and printers.
These components work together to provide the necessary information for financial decision-making and compliance reporting.