Simple Set of Internal Control

Name and location of company:

Name of owner:

Nature of Business:

Type of Products or Services:

Fiscal period:

Processes and Objectives Design and Implementation Testing Operating Effectiveness Testing

Process Categories Sub$-$ Process Control Objectives Sample $-$ Key Control Activities $-$ to consider Potential Risk Possible Testing Strategy

Questions to be answered $($What is the overall objective of the control activity?$)($What would you do to ensure that the control is functioning as designed?$)($What would happen if this control failed? And how would you categorize it$?$ High, Medium or Low$)($How would you test your control activity?$)$

$1.$ Entity Level Controls Governance Examples may include: Principles and Strategies Policies and Procedures Chief Financial Officer with clear roles and responsibilities Segregation of duties

Control Environment

Risk Assessment

Information and Communication

$2.$ Financial Management Process Budgeting and Forecasting

Investment Planning

$3.$ Financial Reporting Processes Financial Statement

Year$-$end Reporting

Revenue, Receivable and Receipts

Purchasing, Payable and Payments

Payroll

Capital Assets

Contracts

$4.$ Information Technology General Controls Access Management

Change Management

Computer Operations

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