REVISED Audit Organizer

Audit Organizer Internal Control Objectives Auditors are required to gather information about an organization’s internal control. They will perform a wide variety of procedures to gather this information, which must be sufficient to allow them to evaluate the overall design of the system. This tool is designed to help small business owners and others put together their thoughts about internal control and any related documentation of the organization’s policies and procedures. By going through this process, small business owners and others involved in the financial reporting process will: • Gain a better understanding of the company’s internal control, its strengths and its weaknesses • Be better able to make changes to internal control to improve the company’s financial reporting process and reduce its vulnerability to fraud • Be prepared to help auditors understand the organization’s internal control and contribute to a more efficient, less costly audit. Instructions On the following pages are a few common sense questions you should answer about your organization’s internal control. These questions have been grouped into five broad categories: • Controls over significant business transactions • Fraud risks • The financial reporting process • The organization’s culture and its people • Maintaining internal control effectiveness Please consider each question and jot your thoughts down in the space provided. Auditors also are interested in ...