Internal controls assessment

Once the audit plan is developed and approved, the fieldwork begins with the evaluation of internal controls included in the scope of the audit plan. The assessment phase enables the organization to maintain controls effectiveness, identify opportunities for business improvement, and communicate findings. Controls assessment supports audit objectives, such as compliance with laws and regulations, safeguarding of assets, the reliability of financial statements, operational effectiveness, and enterprise risks identified by the management.

The audit findings provide independent audit opinion regarding the design and operating effectiveness of controls to the managers responsible for their controls over the business process within the scope of the assessment plan.

InFission internal controls assessment approach

InFission internal controls assessment objectives include:

• Financial governance controls

• IT governance controls

• Operational controls

• SOX Compliance controls

The CAE...