On Your Way to a Stronger Internal Control Environment

A solid internal control environment is a key indicator of reliable financial information. Do you feel confident that your control environment is effective and efficient? Do you feel confident that your business is focusing on relevant and critical risks?

How do I implement a “top-down risk based approach”?

The Public Company Accounting Oversight Board’s (PCAOB) adoption of Auditing Standard No. 5 (AS5) in 2007 helped companies to save time and costs by encouraging them to focus on a top-down risk based approach and helped them to reduce testing of medium-risk controls and to eliminate testing of low-risk controls. And while this “top-down risk based approach” to documentation and testing has become more commonplace, many organizations can spend an inordinate amount of time capturing and classifying relevant financial statement line items and identifying relevant risks to perform this analysis.

Risk Assessment is really an ongoing cycle


Resources Global Professionals has helped a number of organizations to perform their Risk Assessment and, this month, we are going to walk you through the steps to perform this process as well as show you how you can bring automation to your Risk Assessment process in policyIQ. (Click here to register for our CPE training session “policyIQ for Automation of Risk Assessment”, September 21st, 3:00pm ET.) Following our guidelines for automating your Risk Assessment, you can then map your 10K line items to relative Business Processes and, therefore, to your Controls.

Control Rationalization:  you may be able to test even fewer controls…really!

Stay tuned! We’ll continue this discussion about how the Risk Assessment process leads to sound rationalization for reducing your Controls and your Control Testing in our upcoming training session and in a blog post coming up in the next week or so.

Want to get a jump start on automating your Risk Assessment process in policyIQ?

Let us help you to get started!

Contact us and we can connect you with experts in your area who can hit the ground running and work with you to perform and document your assessment. They can help you to begin with your 10K Risk Assessment and to work through the full cycle which brings you back to confidence in your control environment.

Of course, we also can connect you with policyIQ experts to address your policyIQ implementation questions. We’re waiting and looking forward to hearing from you (support@policyIQ.com, or 1-866-753-1231)!

This entry was posted in Solutions by Stephenie Buehrle. Bookmark the permalink.

About Stephenie Buehrle

Stephenie is the “solutions” expert on the policyIQ team. With RGP since 2004, she designs and develops solutions that capitalize on the best practices of the hundreds of companies that she has touched, while tailoring each configuration to meet the unique needs of each client. Before joining RGP and the policyIQ team, Stephenie enjoyed working as an independent consultant in the non-profit sector. Stephenie also previously performed analyst services for a major brewer ranging from roles in biological and chemical services to analytical roles in business process improvement and innovation. Stephenie quips that she still doesn’t know what she wants to be when she grows up, but hopes to spend her days helping others (companies, individuals, and communities) to realize their full potential.

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