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The OMB provides guidelines in management oversight. “To ensure senior management involvement, many agencies have established their own senior management council, often chaired by the agency” lead management official, to address management accountability and related issues within the broader context of agency operations.”Relevant issues for such a council include ensuring the agency” commitment to an appropriate system of internal control; actively overseeing the process of assessing internal controls, including nonfinancial as well as financial reporting objectives; recommending to the agency head which control deficiencies are material to disclose in the annual FMFIA report; and providing input for the level and priority of resource needs to correct these deficiencies.

To meet these objectives, management is responsible for developing and maintaining internal control activities that comply with the following COSO-based standards:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communications
- Monitoring

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Keep track of employee turnover in your organization with a customizable checklist. Turnover is a fact of life in the corporate environment. Keeping tabs on the flow can be simplified with a tools designed for that purpose. The TechRepublic Employee Separation Checklist, available in this free download, can help your help desk track the constant flow of employees in and out of your organization.

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Implementing an ERP package is a complex and costly undertaking, so it’s essential to choose the appropriate vendor. This checklist can serve as a guide to help you determine which vendor is best suited for your organization.

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Download Process Integration Checklist. The purpose of this checklist is to facilitate the merging of company subsidiary divisions and their duplicate processes. Included are guidelines for this facilitation process and topics to address during scheduled meetings.

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Download Control Design Effectiveness Review Checklist. This excel-based template provides an example of how to review control design effectiveness to ensure the control mitigates the associated risk. You would use this review process sheet to document the reviewer’s comments and associated response. The excel form also provides guidance in designing controls to address financial reporting assertions.

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Download SOX Testing Review Checklist. This excel-based template provides an example of how to review SOX testing documentation. You would use this review process sheet to document the reviewer’s comments and tester’s response. The excel form allows you to record comments related to the test plan, test execution, and documentation format.

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This publication provides CIOs, IT managers, and control and assurance professionals with scoping and assessment ideas, approaches and guidance in support of the IT-related Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control objectives for financial reporting. Enhancements include:

• Focus on scoping and assistance in performing an IT risk assessment for Read the rest of this entry »

  Popularity: 65% [?]