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REASSESSMENT OF INTERNAL CONTROLS QUESTIONNAIRE BOOKLETDepartment of Accounting and General Services October 8, 2009STATE OF HAWAII Reassessment of Internal Controls for State Departments and Agencies

How to fill out self-assessment of internal controls

How to fill out self-assessment of internal controls:

1. Understand the purpose: Before starting the self-assessment, it is important to understand why it is being conducted. The self-assessment helps organizations evaluate the effectiveness and reliability of their internal controls, identify any weaknesses or potential risks, and make necessary improvements.
2. Review internal control framework: Familiarize yourself with the internal control framework recommended by your organization or industry standards. Common frameworks include COSO (Committee of Sponsoring Organizations of the Treadway Commission) and COBIT (Control Objectives for Information and Related Technologies). Understand the control objectives, principles, and factors that should be assessed.
3. Gather relevant documentation: Collect all relevant documents, policies, procedures, and guidelines related to your organization's internal controls. These may include financial reports, audit findings, policies and procedures manuals, risk assessments, and any other documentation related to your organization's control environment.
4. Identify control objectives: Start by mapping out the control objectives that need to be assessed. These objectives typically relate to areas such as financial reporting, compliance with laws and regulations, safeguarding of assets, efficiency and effectiveness of operations, and reliability of information systems.
5. Evaluate control environment: Assess the effectiveness of your organization's control environment by reviewing key factors such as leadership, management philosophy and operating style, organizational structure, and ethical values and integrity.
6. Assess risk assessment processes: Evaluate the effectiveness of your organization's risk assessment processes. This involves identifying and analyzing potential risks, determining the likelihood and impact of these risks, and assessing the adequacy of existing controls in mitigating those risks.
7. Evaluate control activities: Examine the different control activities in place, such as segregation of duties, authorizations and approvals, physical controls, and information processing controls. Determine their design and operating effectiveness and identify any gaps or weaknesses.
8. Review information and communication systems: Assess the information and communication systems used to support internal controls. This includes evaluating the accuracy, completeness, timeliness, and relevance of information, as well as the effectiveness of communication channels within the organization.
9. Monitor ongoing activities: Evaluate the ongoing monitoring activities in place to ensure that internal controls are functioning as intended. This may involve conducting periodic reviews, internal audits, management reviews, and monitoring of key performance indicators.
10. Report findings and recommendations: Finally, document your findings from the self-assessment and make recommendations for improvement. Provide a detailed report that highlights any weaknesses or gaps in internal controls and suggests actions to address them.

Who needs self-assessment of internal controls?

1. Organizations of all sizes and industries can benefit from conducting self-assessments of internal controls. It is particularly important for entities operating in regulated industries or those that handle sensitive information or financial transactions.
2. Leadership and management teams within the organization should actively participate in the self-assessment process. They have a responsibility to ensure that internal controls are effective in achieving organizational objectives, managing risks, and maintaining compliance.
3. Internal audit departments or individuals responsible for risk management can also benefit from self-assessments. These assessments provide valuable insights into the control environment and help identify areas for improvement and further evaluation.
4. External auditors or regulatory bodies may require organizations to perform self-assessments as part of their compliance obligations. These assessments serve as evidence that the organization is actively monitoring and managing its internal controls.
5. Stakeholders, such as investors, lenders, and shareholders, may also have an interest in the self-assessment of internal controls. They rely on the accuracy and reliability of financial statements and other information provided by the organization, making effective internal controls a crucial factor for their decision-making.

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What is self-assessment of internal controls?

Self-assessment of internal controls is a process where an organization evaluates its own internal controls to ensure they are effective and in compliance with regulations and best practices.

Who is required to file self-assessment of internal controls?

Companies and organizations in certain industries, such as publicly traded companies, are required to file self-assessment of internal controls.

How to fill out self-assessment of internal controls?

Self-assessment of internal controls is typically filled out by answering a series of questions or statements related to internal controls, compliance, and risk management.

What is the purpose of self-assessment of internal controls?

The purpose of self-assessment of internal controls is to provide assurance to stakeholders that an organization's internal controls are adequate and effective in managing risks.

What information must be reported on self-assessment of internal controls?

Information reported on self-assessment of internal controls typically includes details on the organization's control environment, risk assessment process, control activities, information and communication, and monitoring activities.