Control Design Effectiveness Review Checklist

This tool provides guidelines to consider while reviewing effectiveness of the controls which are designed to mitigate risks. Auditors can use this review process sheet to document the reviewer’s comments and associated response. It also provides guidance in designing controls to address financial reporting assertions.

The financial reporting assertions include valuation or allocation; presentation and disclosure; completeness; existence/occurrence; rights and obligations; maintenance of records; authorization; and safeguarding of assets.