Who doesn’t want to reduce their total number of controls and, therefore, the effort required to test your controls?
In this month’s policyIQ Training for CPE session, we are grateful to have Leslie Tamayo with us, from Resources Global Professionals, to present a tried and true process for performing your Risk Assessment, evaluating your Controls and performing your Control Rationalization process. (Click here to register for our CPE training session: “policyIQ for Automation of Risk Assessment”, September 21st, 3:00pm ET.)
policyIQ helps to more efficiently analyze which Financial Statement Assertions, relative to each of your 10K line items, are adequately controlled, which are left vulnerable and those for which there exists significant redundancy! The pay-offs for this work:
- With this process, you are able to confidently assess your internal control over financial statements and to make more informed business decisions.
- This analysis of your Controls turns your gap analysis and justification to reduce your total number of controls (and therefore to reduce your testing effort) into a cut and dry process.
Having confidence in your Control Rationalization process and your internal control environment then allows you to come full circle and to look at all of the other Risks that you previously identified. You might conclude that some of those Risks are not as critical to the business as you might have originally assessed. This Control Rationalization process will help you to be more effective and more efficient and to simplify your work through each testing cycle.
We hope that you’ll join us for our Risk Assessment session coming up next Tuesday! In the mean time, if you’d like to connect with an expert who can partner with your team and help you with this process, or if you’d like to chat with a policyIQ expert, contact us and we’ll take care of you!
