Ready to use prioritized Internal Control requirements, to:
Develop experience assessing the design and operating effectiveness of enterprise or operational risk management programs, and/or entity-level and business process controls for Internal Audit, SOX compliance, System and Organization Control (SOC) reporting, or other risk management, compliance and assurance activities. .
- What risk management and internal control systems do you currently have in place to identify and control all relevant risks to which your organization may be exposed?
- Does the charter organization ensure that staff establish and follow cash receipt control procedures with adequate internal controls for all types of cash collections, including fundraising events?
- Has a description of the main features of the internal control and risk management systems of your organization in relation to the financial reporting process been detailed?
- How does your organization incorporate the audit process as part of the internal control system of checks and balances?
- Does the internal audit activity evaluate and contribute to the improvement of your organizations governance, risk management and internal control processes?
- Do your organizations culture, code of conduct, human resource policies and performance reward systems support the business objectives and risk management and internal control system?
- How effective is your organizations internal audit process in determining the adequacy of risk control systems and assessing compliance with relevant policy and statutory requirements?
- Does your organization have adequate and effective measures to monitor internal control in case it has no internal audit function?
- Has the committee reviewed whether the reports it receives are timely and have the right format and content to ensure its internal control and risk management responsibilities are discharged?
- Did the results of the peer review indicate that the audit organizations internal quality control system was operating effectively and that applicable auditing standards were being followed?
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