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
Perform regular internal audits to ensure controls are functioning as expected
Address deficiencies found during internal audits
