White Paper - Control Self-Assessment In Action

Whitepaper

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Author

Yulia Wood

BSc, CPA(US), CA, PMIIA

Carol Richardson-Dale

BCom, PFIIA

Date

2025

Topics Explored

Internal Audit, Control

Format

White Paper

Extract/Description

A control self-assessment approach promotes collaboration and builds relationships with senior executives to build a culture where risk and control is understood and appreciated. It can expand assurance coverage in a cost-effective way and reduce the need for extensive internal audit testing. It is a way of stretching the internal audit budget further.

Key Points

1. Control self-assessment is a technique that internal auditors can use as an alternative internal audit service method.

2. Control self-assessment is a structured process where management and the work team collaboratively to assess the effectiveness of controls, the level of residual risk, and achievability of business objectives. It typically involves facilitated workshops and survey

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes