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Design Basic Internal Controls
Identify control weaknesses in a small business and propose segregation of duties.
Audit Trail Walkthrough
Trace a transaction from source document to financial statement.
Fraud Risk Assessment
Conduct a fraud risk assessment using the fraud triangle framework.
Internal Audit & COSO Internal Controls Framework
Internal audit evaluates organizational risk management, control systems, and governance processes. Internal auditors demonstrate value by auditing control environments (COSO framework), designing Risk & Control Matrices (RCM), evaluating segregation of duties, and writing working papers.
1. COSO Internal Control Evaluation Report
Audit report evaluating Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring.
2. Risk & Control Matrix (RCM) Document
RCM matrix identifying financial reporting risks, key preventative/detective controls, and audit testing steps.
3. Internal Audit Working Papers & Test Log
Sampled audit working papers documenting walkthrough tests, sample selection, and control deficiency findings.
Frequently Asked Questions (Audit & Internal Controls)
What are the 5 components of the COSO Internal Control Framework?
Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring Activities.
What is the difference between Preventative and Detective controls?
Preventative controls prevent errors or fraud before they occur (e.g. dual sign-offs). Detective controls identify errors after they occur (e.g. monthly bank reconciliations).
Why is Segregation of Duties critical in finance departments?
Segregation of duties ensures no single individual has control over all phases of a transaction (authorization, custody, recording), preventing fraud.
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