Information and communication is the component of internal control that ensures that pertinent information is identified, captured and communicated in a form and timeframe that enables people to carry out their job responsibilities. This questionnaire template provides a number of COSO elements and their related control objectives for entity-level controls.
Within the questionnaire, you can document whether a control exists; what specific activities, programs or controls are in place that satisfiy the objective; whether the control was designed properly; and any control improvement opportunities. This document should be used as a general guide when creating an entity-level controls questionnaire. It does not address all controls that could be assessed during this process.
Example control objectives in this tool include:
- Management has a business planning process in place that examines existing objectives and establishes new objectives when necessary.
- Management establishes business plans and budgets with realistic goals, and incentives for achievement of plans are balanced.
- Business planning is a bottom-up process. Each functional leader, with the assistance of their direct reports, is responsible for identifying specific goals/priorities for their areas of responsibility that will satisfy the company's overall priorities for the year.