Proper Documentation Methods for Internal Audit and Internal Controls (Currently Unavailable)

Author: Lynn Fountain

Internal controls (IC) are critical to the effective functioning of all processes. The importance of proper and relevant documentation can be viewed as a burden by many professionals. However, strong, relevant documentation is critical to ensure organizations can adequately monitor, manage, and adjust their processes in line with business objectives. This requirement extends far beyond internal controls over financial reporting. Management must first establish appropriate responsibilities for internal control. Personnel must have a strong understanding of the types and methods of IC and how they relate to their jobs. Controls should be well documented.

Management must first establish appropriate responsibilities for internal control processes and documentation expectations. Personnel must have a strong understanding of the types and methods of IC and how they relate to their jobs. With this understanding comes the ability to properly obtain relevant information to document controls. Documentation methods must meet organizational needs and be sufficient for personnel to understand.

This course will evaluate the responsibilities of employees, management, and auditors in understanding their role in internal control as well as evaluating documentation methods. The course is useful to all individuals within a company who have responsibility for writing policies and procedures, documenting and evaluating processes and internal controls and testing processes.

Publication Date: May 2020

Designed For
Accounting and Finance professionals, Internal auditors, Executive management, Board members and Audit Committee members, Legal and Compliance professionals, and all professionals in a corporate or private setting.

Topics Covered

• Responsibilities for internal control
• What to document
• Documentation types
• Flowcharts
• Narratives
• Policies and Procedures
• IC Questionnaires
• Risk Control Matrices
• Establishing a Defined Documentation Process
• Other Key Aspects of Documentation
• Flow Chart Symbols
• Other Documentation ” Maturity Model
• Issue Tracker
• Testing Documentation
• Other Documentation: Internal Audit Formal Reports

Learning Objectives

• Recognize and apply the responsibilities for internal control within an organization
• Identify important aspects of a process to document
• Identify and evaluate various documentation types
• Describe how to establish a defined documentation process
• Recognize steps to sufficient documentation
• Describe relevant methods of flowcharting

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None