This excel-based template provides an example of how to review control design effectiveness to ensure the control mitigates the associated risk. You would use this review process sheet to document the reviewer’s comments and associated response. The excel form also provides guidance in designing controls to address financial reporting assertions.
The sections included in this excel spreadsheet include:
- Addressing financial reporting assertions
- Valuation or allocation
- Presentation and disclosure
- Completeness
- Existence/occurrence
- Rights and obligations
- Maintenance of records
- Authorization
- Safeguarding of assets
- Documenting the control to allow it to stand on its own
- Use of thresholds, tolerances, or contingencies
Download the entire checklist:
(4 pages, 39 KB)