Workflow Templates: Internal Control Procedures Checklist

Risk Assessment

Identify and analyze the risks associated with the financial reporting process.

Determine how the risks should be managed and what control activities are necessary to mitigate them.

Continuously monitor risks and update risk assessments periodically.

Control Environment

Establish and communicate a strong commitment to integrity and ethical values.

Ensure that the board of directors or audit committee is actively overseeing the internal control system.

Evaluate management's philosophy and operating style to ensure it promotes effective internal control.

Control Activities

Develop and implement control activities for all levels of the organization that address identified risks.

Perform regular reconciliations of assets and review of transactions to prevent and detect errors or fraud.

Ensure that the segregation of duties is implemented to prevent a single individual from controlling all key aspects of a transaction.

Information and Communication

Implement information systems that support the identification, capture, and exchange of information in a timely and accurate manner.

Ensure that all relevant internal control information is identified, captured, and communicated in a form and timeframe that enables staff to carry out their responsibilities.

Facilitate open communication channels within the organization, as well as with external parties, such as vendors and auditors.

Monitoring Activities

Establish and implement monitoring activities to assess the quality of the internal control performance over time.

Utilize findings from audits and other sources to assess the effectiveness of controls and determine necessary corrective actions.

Report deficiencies and weaknesses in internal controls to management and the board of directors, and follow-up on corrective actions.

Template Library Home

Internal Control Procedures Checklist

Risk Assessment

Control Environment

Control Activities

Information and Communication

Monitoring Activities

Use this template in Manifestly

Template Library Home

Internal Control Procedures Checklist

Risk Assessment

Control Environment

Control Activities

Information and Communication

Monitoring Activities

Use this template in Manifestly

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