Internal Controls App Summary

Key Reporting

• Best practice out-of-the-box reports, including:
  • Audit Committee Summary
  • Internal Controls Status Report
  • Control Effectiveness Summary
  • Company-wide Issue Summary
  • Testing Dashboards   
  • Certification Summary
  • Financial Statement Account Scoping

First Line Portal

• Keep key Processes & Controls up to date
• Upload documentation requests
• Update and remediate outstanding/overdue issues and actions
• Document BU-level certifications

Cross-Team Collaboration

• Test once and share across Internal Audit and Internal Controls
• Share results of controls to be relied on by other Second Line functions
• Tag team members for comments and information requests

Testing

• View results of prior evaluations of controls 
• Document process narratives, test procedure results, and conclusions using a rich text editor
• Upload & review work papers
• Automated test sign-off capabilities
• Draft issues and actions

Deficiencies

• Assign issues to owners, including dates and remediation/action plan
• Due date notifications for outstanding issues and actions

Library Management

• Manage library of processes, risks, and controls
• Manage business unit structure & financial statement accounts
• Template setup and modifications
• Push updated process and control information to all assessments

Financial Statement Scoping

• Set financial materiality levels
• Establish consolidated and sub-account structure
• Map accounts to assertions and business processes
• Assess the risk of individual accounts to determine the scope of testing

Planning & Walkthrough

• Scope in relevant processes & controls from the library
• Update risk & control matrices
• Send processes & controls to the first line to identify changes to narratives and descriptions
• Document walkthroughs and conclude on design effectiveness
• Establish, send, and update document request list

Certifications

• Send quarterly or annual certification letters to Business Unit leads
• Embedded summary reporting to review control effectiveness and issue status before signing off