This Monitoring Entity-Level Controls Audit Work Program is designed to help organizations strengthen their internal control systems by providing a structured approach to monitoring and evaluating entity-level controls. This audit tool enables companies to proactively identify weaknesses, ensure compliance, and reduce risks related to fraud, errors and operational inefficiencies. Management and auditors can use this tool to continuously assess the effectiveness of their control environment, fostering greater organizational confidence and supporting robust governance practices. It serves as a practical resource for building a culture of accountability and transparency, while also offering flexibility for customization to suit unique business needs.

This document includes three samples focused on critical aspects of entity-level control monitoring. Sample 1 emphasizes ongoing monitoring activities, separate evaluations and the process for reporting deficiencies, ensuring that controls are embedded into daily operations and that issues are promptly addressed. Sample 2 delves into validating key controls, such as internal audit independence, management responsiveness and the adequacy of audit committee oversight, all aimed at mitigating financial and operational risks. Sample 3 provides a framework for assessing management’s progress in implementing action plans, reviewing company-level controls, and ensuring timely remediation of identified deficiencies. Together, these samples offer guidance for effectively overseeing and enhancing an organization’s control systems.

Audit steps include:

• Obtain the Internal Audit Charter and ensure that the charter adequately describes the functions and responsibilities of the Internal Audit group.
• Verify that the Internal Audit group adheres to the IIA's code of ethics and standards for professional practice.
• Schedule a meeting with management and appropriate process owners to discuss the results.
• Select a sample of five company sites and obtain the most recent QRP submitted by each one.