Here is the procedure I use:
(1) Drain any remaining water from the bag and tubing.
(2) Close the clamp/valve.
(3) Pour 4 to 5 ounces of either Isopropyl Alcohol or Ethanol into the bag and close it.
(4) Shake the bag vigorously to pick up any remaining water.
(5) Hold the end of the tubing and tip over a sink or toilet and drain the alcohol from the bag.
(6) Once empty, disassemble the set.
(6) Shake as much of the residual alcohol out of the bag as you can.
(7) If the bag opening is large enough, use a washcloth to soak up the remaining alcohol.
 Hang the bag to dry.
(9) Drain as much of the alcohol from the tubing as you can.
(10) Hang the tubing vertically and allow to dry.
(11) Rinse the clamp in alcohol and air dry.
(12) If you use a valve soak in alcohol for about 15 minutes, then remove and allow to dry in the air.
(13) Allow 24 hours for drying to complete.
(14) If using a Higginson syringe disassemble the syringe and dry the valves in air as well as the bulb.
(15) If you have reusable tips, colon tubes, or other part that is potentially contaminated, clean it with soap and hot water, then soak in alcohol.
Before using the set in the future be sure to run at least one gallon of water through the bag, tubing, any valves, tips etc to wash out any denaturing agent used in the alcohol. I buy Everclear (190 Proof grain alcohol) from the ABC store.
To date I have not had an issue with mold or bacterial growth on any part of the bag, tubing, valves, Higginson syringe parts, or tips using this technique.