This tool features questions to consider for verifying an organization’s internal controls over financial reporting (ICFR) during management’s assessment.
Sample questions include: Has management reviewed its plan to validate controls operating effectiveness in the current year with the audit committee? Does the plan consider self-assessment and entity-level monitoring elements so that management is not solely relying on independent controls testing? Does the auditor’s plan include the integration of audits from the financial statements and ICFR? Is your testing plan sufficiently focused on the most critical controls?