Annual Internal Control Review Plan

SECTION 1 CHAPTER2 ANNUAL INTERNAL CONTROL r evaluation PLAN The introductory step in the intrinsic look process involves the supply of an Internal Control Review blueprint (ICRP). This fancy helps institutionalize the internal take hold process inwardly the function by involving all(prenominal) levels of concern in its preparation and approval. The ICRP represents the bureau schedule for execute pecuniary inform and programmatic internal control assessments for the current fiscal stratum and/or later historic period (usually covering a five-year period, unless some reviews are scheduled annually). This mention includes not exactly the internal assessments described in this section, previously known as precaution control reviews, but in like manner the list of financial statement-related internal controls that entrust be tested as well (as discussed in the next section). An ICRP must(prenominal) summarize a bureaus components; identify the sexual intercourse antecedence ranking of each component as high, medium, or unworthy risk activity; establish the type of control evaluation to be conducted and the year in which the evaluation is to be effected; and narrow the responsibility for conducting the planned evaluation. The annual review plan may suck in reviews of key controls in the financial areas that do not result in an AICR-like deliverable that is surnamed and provided to PFM.

At a minimum, the plan should be modifyd annually. The update consists of adjusting the plan to adjudge Departmental Functional Reviews (DFRs); competitive sourcing; new components, programs, or reporting sys tems; changes in priority; the completion of! control evaluations and corrective actions; and every additional information available on the status of controls. annual updates should coordinate review activity to avoid redundancy by integrating, to the maximum extent possible, internal program, functional, and operational reviews, GPRA performance assessments, focus studies, OIG and GAO audits, or any other independent review efforts. The ICRP is a useful...If you fate to get a full essay, order it on our website: BestEssayCheap.com

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