Self-assessment is a process through which an organization utilizes its internal knowledge to identify and assess uncertainties and the extent to which current practices are sufficient and appropriate to manage and achieve strategic objectives. The steps reinforce process owner accountability for critical controls. It can be an integral component of management’s compliance with Sections 302 and 404. It is a cost-effective tool for collecting insights and evidence during management’s assessment process.
In addition, self-assessment enables internal audit to gather input from across an organization during annual planning. It can be integrated into the internal audit process, allowing audit teams to focus on the areas that matter. It is an efficient means for collecting information regarding risk within the organization. This guide discusses the meaning, key indicators of need, value proposition, sample projects, business drivers, and use-cases of self-assessment.