Control Self Assessments and Recommendations Flashcards
What is CSA
the methodology used by an organization to review key business objectives, risks related to achieving these objectives, and the key controls designed to manage those risks.
The advantages of a CSA
- Early detection of risks
- Internal control can be improved in a timely manner.
- Greater ownership of controls
- Employees awareness
Disadvantages of a CSA
- CSA could be mistaken as a substitute for internal audit
- Employees may not want to get involved
- Employees may cover up risks
Self-Assessment Objectives
The primary objective of a control self-assessment is to transfer some of the responsibility for oversight of control performance and monitoring to the control owners.
Role of Auditor during CSA
A facilitator who can guide the discussion in the right direction.
Who should take responsibility for control development and maturation of a CSA
Owner of the CSA, NOT the auditor.
Wh is responsible for implementing the audit recommendations
The auditee, however, the auditor develops those recommendations using the fullest understanding of the auditee’s business environment, capabilities and limitations.
