Annual Internal Control Review Plan

SECTION 1 CHAPTER2 ANNUAL INTERNAL CONTROL follow-up PLAN The introductory step in the intrinsic understand process involves the supply of an Internal Control Review image (ICRP). This visualise helps institutionalize the internal cut back process inside the chest of drawers by involving all(prenominal) levels of concern in its preparation and approval. The ICRP represents the bureau schedule for execute monetary coverage and programmatic internal control assessments for the current fiscal stratum and/or later old age (usually covering a five-year period, unless some reviews are scheduled annually). This slant includes not exactly the internal assessments described in this section, previously known as precaution control reviews, but overly 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 priority ranking of each component as high, medium, or wretched risk activity; establish the type of control military rank to be conducted and the year in which the evaluation is to be unblemished; 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 gibe Departmental Functional Reviews (DFRs); competitive sourcing; new components, programs, or reportin g systems; changes in priority; the completi! on of control evaluations and corrective actions; and each 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, charge 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: OrderCustomPaper.com

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