Note: The following features are not added to Internal Controls Management by default. For information on adding these features to your version of the app, contact your CSM.
Financial Statement Account Scoping & Risk Assessment
Members of the Internal Controls Team user group will have full access to financial statement accounts, as well as their sub accounts, processes, risks, and controls on an ongoing basis. This will enable users to prioritize their testing efforts by documenting the accounts that pose the greatest risk of material misstatement.
Walkthroughs with Process & Control Owners
Members of the Process Owner and Control Owner user groups will act as the first line of defense by documenting updates to key processes and controls relating to financial statement accounts. This will take some of the burden away from the internal controls team and increase the organization's efficiency.
Internal Control Testing
The internal controls team can test controls for operating effectiveness and link them to various areas (e.g. risks, regulatory requirements, etc.) across the organization. This will enable the team to better identify common themes across the organization and to better recommend corrective action.
Document requests can be sent to and collected from the first line during this stage. All communication, including overdue reminders, can be performed in the app.
Any impactful issues can be noted during testing to ensure the risk of misstatement is reduced.
Once all testing is completed, summary level reporting on control effectiveness, issues, and all high-risk items can be reported to management and the board/audit committee.
Certifications & Sub Certifications
The internal controls team can use the app to quickly and efficiently collect certifications and sub certifications from stakeholders for each business once testing is complete. This simplifies and automates the certification process, as well as gives certifying users more visibility into the controls and issues assigned to their area of the organization.