Internal Control Self-Assessment Checklist
A self-assessment checklist for management to evaluate internal control against the COSO framework's five components.
Control environment
- [ ] Code of conduct is documented, communicated and enforced
- [ ] Authority and responsibility are clearly defined
- [ ] Competence requirements are established for key roles
Risk assessment
- [ ] Risks to objectives are identified and rated
- [ ] Fraud risk is explicitly considered
- [ ] Change is assessed for new risks
Control activities
- [ ] Controls are designed to address identified risks
- [ ] Controls are operating as designed
- [ ] IT general controls support application controls
Information and communication
- [ ] Quality information supports objectives
- [ ] Internal communication flows support responsibilities
- [ ] External communication meets stakeholder needs
Monitoring
- [ ] Ongoing and/or separate evaluations are performed
- [ ] Deficiencies are evaluated and escalated
- [ ] Corrective action is tracked to closure
Management owners complete the checklist annually; results feed the internal audit risk assessment and the board's assurance view.