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Internal Controls checklist
General Controls Environment
step"=>"Ensure the organization has a clear written statement of its internal control objectives."}
step"=>"Verify that clear lines of authority and responsibility are established."}
step"=>"Check that ethical standards are promoted and enforced across the organization."}
Risk Assessment Procedures
step"=>"Identify and analyze relevant risks to the achievement of the organization's objectives."}
step"=>"Ensure there is a system in place to monitor changes that could affect internal controls."}
step"=>"Assess the potential for fraud within the organization, including any incentives or pressures."}
Control Activities
step"=>"Review and confirm that control activities are integrated into the business processes."}
step"=>"Ensure that appropriate segregation of duties is maintained."}
step"=>"Confirm that policies and procedures are established and implemented to ensure that directives are carried out."}
Information and Communication
step"=>"Check that relevant information is identified, captured, and communicated in a timely manner."}
step"=>"Ensure that there are mechanisms in place for effective internal communication."}
step"=>"Verify the organization has established and maintained open communication channels with external parties."}
Monitoring Activities
step"=>"Regularly review internal controls to ensure their continued effectiveness."}
step"=>"Ensure there are processes to report deficiencies in internal controls to appropriate levels of management."}
step"=>"Verify that actions are taken to address identified weaknesses in internal controls."}
