Control Self Assessment (CSA), as the name suggests, is the self-assessment of controls by process owners. An employee understands the business process and evaluates the various risks and controls. It is the process wherein the process owner can have a realistic view of their own performance.
This ensures the involvement of the user group in a periodic and proactive review of risk and control.
Objectives of CSA
The following are the objectives of implementing a CSA program:
- To make functional staff responsible for control monitoring
- To enhance audit responsibilities (not to replace the audit's responsibilities)
- To concentrate on critical processes and areas of high risk
Benefits of CSA
Here are a few benefits of CSA:
- Risk detection at an early stage of the process and reduction in control cost.
- It helps in effective and stronger internal controls, which helps make an improved audit rating process.
- Helps the process owner to take the responsibility of control...
