This tool outlines questions organizations should consider when implementing a robust change recognition process.
Sample questions include: Is there a formal process in place to monitor for business changes and evaluate the impact on compliance? Is there a policy that clearly defines responsibility for change recognition? Is there a disclosure committee and does it have ultimate responsibility for evaluating the impact of changes on disclosure controls and internal controls over financial reporting? Have there been surprises uncovered during testing related to the design of controls or the way a process occurs? Has there been significant employee movement within the organization?