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Internal Control Over Financial Reporting Checklist

Identify all significant accounts and disclosures

Determine the magnitude and type of risks to financial reporting

Document key existing controls over financial reporting

Evaluate the design of the controls to assess whether they address the identified risk areas

Test the operating effectiveness of the controls

Document the results of testing and any exceptions or deficiencies identified

Evaluate the severity of each deficiency identified

Plan and execute remediation activities to address identified deficiencies

Re-test remediated controls to ensure the remediation was effective

Review and update the risk assessment and the controls identification

Approval: Financial Manager

Prepare a report on the effectiveness of the company's internal control over financial reporting

Communicate the results of the evaluation to management and the audit committee

Approval: Audit Committee

Implement measures to monitor continuous compliance with internal control requirements

Train staff on policies and procedures of internal controls over financial reporting

Approval: HR Manager

Perform regular internal audits to ensure controls are functioning as expected

Address deficiencies found during internal audits

Approval: CEO

Identify all significant accounts and disclosures

This task involves identifying all significant accounts and disclosures within the financial reporting process. It is crucial to accurately identify these accounts and disclosures as they play a vital role in the overall financial reporting of the company. The desired result of this task is a comprehensive list of all significant accounts and disclosures. In order to successfully complete this task, you will need to review financial statements, consult with relevant stakeholders, and conduct thorough research. Some potential challenges you may encounter include missing or incomplete information and conflicting accounts or disclosures. To overcome these challenges, reach out to the appropriate teams or departments for clarification and thoroughly review available documentation. Required resources or tools for this task include financial statements, company policies and procedures, and relevant research materials.

Please provide a comprehensive list of all significant accounts and disclosures

Determine the magnitude and type of risks to financial reporting

Document key existing controls over financial reporting

Evaluate the design of the controls to assess whether they address the identified risk areas

Test the operating effectiveness of the controls

Document the results of testing and any exceptions or deficiencies identified

Evaluate the severity of each deficiency identified

Plan and execute remediation activities to address identified deficiencies

Re-test remediated controls to ensure the remediation was effective

Review and update the risk assessment and the controls identification

Approval: Financial Manager

Prepare a report on the effectiveness of the company's internal control over financial reporting

Communicate the results of the evaluation to management and the audit committee

Approval: Audit Committee

Prepare a report on the effectiveness of the company's internal control over financial reporting
Will be submitted
Communicate the results of the evaluation to management and the audit committee
Will be submitted