Audit Committee Tool to Assess Internal Control Effectiveness During COVID-19
In brief: Organizations are moving at a frantic pace to manage new risks and ensure effectiveness during the COVID‐19 crisis. As a result of major changes, including a shift to remote work, significant cutbacks in corporate spending, and the launch of many business initiatives, the strength of companies’ control environment is being challenged. Boards, in particular audit committees, in partnership with both internal audit and external audit, should oversee management’s continuous assessment of new risks and help ensure the ongoing effectiveness of the overall control environment. This checklist is designed to help boards develop assurances that risks remain well-controlled during this prolonged disruption.
This resource can help your board to:
- Assess the effectiveness of internal controls in specific areas, such as organizational change management, security & privacy, and fraud
- Understand what internal control measures management is putting in place to prepare for a return of the workforce to the office
- Partner with their external and internal auditors to identify weaknesses in the overall control environment
Relevant audiences: audit committees, heads of internal audit, finance executives and risk officers