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> internal controls assesment
internal controls assesment
1. Governance and Oversight
Review the organizational structure for clarity in roles and responsibilities.
Assess the effectiveness of the board and management oversight.
Verify the existence of policies and procedures related to internal controls.
Evaluate the frequency and quality of internal control reviews.
2. Risk Assessment
Identify key risks related to financial reporting and operations.
Evaluate the process for risk identification and assessment.
Review the documentation of risk assessments and responses.
Ensure that risk assessments are updated regularly.
3. Control Activities
Assess the design and implementation of control activities.
Verify segregation of duties in key processes.
Evaluate controls over financial reporting, including approvals and reconciliations.
Review IT controls, including access management and data integrity.
4. Information and Communication
Evaluate the effectiveness of communication channels for internal controls.
Verify that employees are trained on policies and procedures.
Assess the availability of information necessary for effective control execution.
Review feedback mechanisms for reporting control deficiencies.
5. Monitoring Activities
Assess the ongoing monitoring of internal controls.
Review the results of internal audits or other assessments.
Evaluate the response to identified control deficiencies.
Ensure that there is a process for continuous improvement of controls.
6. Documentation and Reporting
Verify that all internal controls are documented clearly.
Assess the quality and completeness of documentation.
Ensure that reports on internal controls are provided to management and the board.
Review the process for maintaining and updating control documentation.
7. Follow-Up and Remediation
Assess the process for tracking identified issues and remediation actions.
Verify that corrective actions are implemented in a timely manner.
Review the effectiveness of remediation efforts.
Ensure that there is a plan for addressing recurring control deficiencies.
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