Documentation Methods for Internal Control Processes

Overview

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. 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 IC.   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.

Documentation methods must meet organizational needs and be sufficient for personnel to understand.

This course will further evaluate the responsibilities of employees, management, and auditors in understanding their role in internal control as well as evaluating documentation methods.

Prerequisites

None

Objectives

• Explore the responsibilities for internal control (IC).
• Explore what to document.
• Identify documentation types.
• Explore how to establish a defined documentation process.
• Explore steps to sufficient documentation.
• Discover relevant methods of flowcharting.

Highlights

• Introduction to Proper Documentation
• Responsibilities for Internal Control
• Exploring What to Document
• Documentation Types, Flowcharts, & Narratives
• Policy and Procedures and IC Questions
• Risk Control Matrices
• Establishing A Defined Documentation Process
• Flow Chart Symbols
• Other Documentation Maturity Model & Issue Tracker
• Other Documentation Testing Processes
• Other Documentation Internal Audit Formal Reports & Summary
• Proper Documentation