The key components of internal controls include: 1. Control Environment: This is the foundation of all other components of internal control, providing discipline and structure. 2. Risk Assessment: Identifying and analyzing risks that might prevent the achievement of business objectives. 3. Control Activities: These are the actions taken to mitigate risks, including policies, procedures, and mechanisms. 4. Information and Communication: Ensuring that relevant information is identified, captured, and communicated in a timely manner. 5. Monitoring: Regular assessments of the internal control system to ensure it is functioning as intended.