If you have not already implemented policyIQ to more efficiently work through your transition to COSO’s 2013 Internal Control – Integrated Framework, we can help you to get started! Companies with a calendar year-end are rushing to map their controls and address gaps with appropriate controls so that they are ready for testing in Q4.
Have policyIQ COSO-Ready in Under an Hour
The adjustments to your policyIQ site and import of the COSO Principles and Points of Focus can all be completed in under an hour and in these four steps:
NOTE: We have pre-populated spreadsheets that we are happy to share with you. Or, if you prefer, our policyIQ Support team can complete the entire COSO setup and import for you. Contact us for more information: Support@policyIQ.com.
Mapping, Analysis, Rationalization and Evidence
Now you are ready to begin the COSO mapping process. You may run a report of your Controls and link each one to the appropriate Principle or Point of Focus. You may already be aware that companies following the COSO Framework must demonstrate that all 17 COSO Principles are “Present” and “Functioning”. The Points of Focus, while not required, are uploaded and included in the mapping process by many companies, as they provide added assurance and justification for your control mapping decisions.
Once all of your Controls (typically Entity Level Controls) are properly mapped, you can use policyIQ’s Detail Link Report to see a view of all Principles, linked Points of Focus and Linked Controls. This report provides an excellent foundation for Gap Analysis and for Control Rationalization. It also can serve as evidence of coverage for your external auditors.
Let us connect you with the experts!
If you find that your team is struggling to find time, resources or the necessary subject matter expertise for your COSO Transition Project, contact us and we’ll align you with a subject matter expert who can help you in the areas where you need it most (from the initial setup, mapping, gap analysis, establishment of new controls—or documentation of controls that have, to this point, been less formal—to control rationalization and testing).
Contact us today—for your free copies of the import spreadsheets, to request the import to be completed by our support team or to learn more about working with one of our subject matter experts!