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Frameworks For Establishing And Evaluating Internal Controls: A Primer And Case Study

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Executive Summary

A summary of frameworks commonly used by business organizations to establish and evaluate internal controls is provided together with an example of a recently implemented Control Self Assessment (CSA) project. Using the CSA methodology in a start-up operation, the process of identifying key business processes, risks to those processes, and controls to mitigate the risks is explained, as is how feedback from the CSA project results in recommendations to improve internal controls. Some of the benefits resulting from CSA, including increased awareness of organizational objectives, development of a sense of employee ownership of internal controls, early detection of risks, and increased effectiveness of the unit's controls are also discussed.

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