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COSO Entity Level Controls (September 2014)

Name

COSO Entity Level Controls (September 2014)

Description

ENTITY-LEVEL CONTROL RISK ASSESSMENT:

The entity-level control risk assessment worksheets were derived from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) model, which outlines five components of internal control. In an effective internal control system, the following five components work to support the achievement of an institution’s mission, strategies, and related business objectives:
1. Control environment, which establishes the foundation for the internal control system by providing fundamental discipline and structure;
2. Risk assessment, which involves the identification and analysis by management – not the internal auditor – of relevant risks to achieving predetermined objectives;
3. Control activities, or the policies, procedures, and practices that ensure that management objectives are achieved and risk mitigation strategies are carried out;
4. Information and communication, which supports all other control components by communicating control responsibilities to employees and by providing information in a form and time frame that allows people to carry out their duties; and
5. Monitoring, which covers the external oversight of internal controls by management or other parties outside the process, or the application of independent methodologies, such as customized procedures or standard checklists, by employees within a process.

The Toolkit further expands the COSO entity-level control risk assessment to include two additional control risk areas, identified by Crowe:
6. Period-end financial reporting, which involves the process by which financial statements are prepared internally in accordance with accounting principles generally accepted in the United States of America; and
7. Budgeting, which includes the process in place through which management and those charged with governance use budgetary controls to review financial statement data.

Standard (Non-IT) Audit Program

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