Self-assessment surveys are designed to enhance internal control effectiveness and streamline the audit process. By facilitating a comprehensive evaluation of existing controls, this tool empowers organizations to identify potential risks, implement necessary changes, and ensure compliance with established policies. It encourages collaboration among process owners and their teams, fostering a culture of accountability and continuous improvement. With its user-friendly format and clear instructions, this survey not only simplifies the self-assessment process but also serves as a valuable resource for maximizing internal audit resources and optimizing overall operational efficiency.

The document contains two samples that illustrate the self-assessment process. The first sample focuses on the Section 404 assessment, guiding users in evaluating the effectiveness of controls within their areas while identifying any significant changes or new processes that may affect the internal control environment. The second sample emphasizes general controls and includes specific questions about bank reconciliations, cash investment policies and customer receivables, aiming to highlight key operational metrics and compliance with company policies. Together, these samples provide a comprehensive framework for conducting thorough assessments and ensuring robust internal controls.

Sample questions include:

• Have any significant or material changes occurred in your area since prior year-end?
• Have you identified any additional key risks that you believe exist in your process area but have not been identified?
• Have all bank accounts been reconciled and independently reviewed for each of the last three months?