Internal Control Audit

Internal-control review examines whether approval, custody, recording and monitoring controls address the risks of a defined business process.

Finance leaders, audit committees and process owners preparing a defined review of records and controls can use this service to clarify a particular issue. A useful starting question is: “What is the difference between control design and operation?” Begin with the facts behind that question rather than assuming that a standard package will resolve it.

The engagement can cover the following workstreams. The proposal specifies which apply to your matter and what evidence or specialist input is needed.

• Map process risks and control ownership.
• Assess design and operating evidence.
• Report deficiencies and practical corrective actions.

Start with the records below where available. They help establish the facts before a more specific checklist is agreed.

• Process maps.
• Control descriptions.
• Approval samples.
• Exception reports.

Provide the relevant entity, transaction or reporting period and any existing notice or deadline. Identify missing or inconsistent records so they can be addressed explicitly.

A control can exist on paper without operating consistently; design and operating effectiveness require separate consideration.

1. Define the question: map process risks and control ownership, using the available process maps and the facts you provide.
2. Examine the evidence: assess design and operating evidence. Record unresolved information and the assumptions that affect the analysis.
3. Agree the action: report deficiencies and practical corrective actions. Set the required deliverables, responsible owners and any follow-up or external dependency.

The proposal for Internal Control Audit sets out the analysis, documentation or coordination deliverables and the work you retain. The availability of process maps, control descriptions, approval samples and exception reports affects readiness and the amount of follow-up needed. Fees and the working schedule are agreed after that initial assessment. Any required independent report, legal representation or authority application is identified as a separate responsibility where relevant.

• Internal Audit
• Operational SOP Implementation Advisory
• Insurance Audit & Control Review Support
• Internal Controls over Financial Reporting

Share a short summary of your Internal Control Audit requirement and the records already available. BIATConsultant can assess the proposed scope and explain the next steps.

• Request a Internal Control Audit consultation
• About BIATConsultant