Your Roadmap for Implementing an Internal Controls Program

Summary

In my previous posts, I wrote about segregation of duties (SoD), risk based and compensating controls. This post provides the suggested steps for an internal controls roadmap.

Content

We’ve defined internal controls as a critical component throughout business strategies, operations, and processes.  Operationally effective controls are the linchpin to assure that an organization can reliably achieve objectives while addressing uncertainty and acting with integrity. Where do we start the internal controls journey and how do we implement a strong internal controls program?

Many organizations take an approach to internal control management that has defined intersections with risk, compliance, and audit processes and use a set of standards.  But typically, all organizations face the following challenges with building and maintaining an internal controls program.