Internal Control Over Financial Reporting Tool
Manage financial reporting controls through a centralized tool designed to organize control documentation, risk relationships, testing activities, evidence, deficiencies, remediation, and review cycles. LaserGRC helps finance, audit, and compliance teams coordinate internal control activities while maintaining visibility into control performance and outstanding issues.
What this solves for financial reporting control teams
Scattered Control Documentation
Centralize financial reporting control descriptions, ownership information, testing records, evidence, and related risk details instead of relying on separate spreadsheets and documents.
Manual Control Review Coordination
Organize recurring control assessments and testing activities through defined workflows, assignments, deadlines, evidence requests, and review processes.
Difficulty Managing Control Exceptions
Create a structured process for recording control exceptions, documenting deficiencies, assigning corrective actions, and monitoring resolution.
Limited Control Status Visibility
Give finance, internal audit, compliance, and management teams a clearer picture of control activities, testing outcomes, open issues, and remediation progress.
Financial Reporting Control Inventories
Maintain structured records of controls supporting financial reporting processes, including objectives, ownership, frequency, status, and related risks.
Risk & Control Assessments
Evaluate financial reporting risks and associated controls through standardized assessment processes and documented review criteria.
Control Testing Management
Coordinate testing schedules, assign testers, collect evidence, record results, and document exceptions identified during control testing.
Control Deficiency Tracking
Capture control deficiencies, classify issues, assign responsible parties, establish deadlines, and monitor corrective activities through completion.
Supporting Evidence Management
Organize documentation associated with control execution, assessments, testing, approvals, findings, and remediation activities.
Financial Control Reporting
Consolidate control status, testing results, deficiencies, action items, ownership, and remediation information into structured reporting views.
How an internal control over financial reporting tool supports control activities
Review Financial Control Requirements
Assess financial reporting processes, existing controls, risk relationships, testing practices, ownership structures, and reporting needs.
Build the Control Framework
Configure control categories, objectives, risk mappings, ownership rules, testing criteria, and workflow requirements within the platform.
Consolidate Control Records
Organize existing control inventories, financial process information, historical testing results, evidence, deficiencies, and remediation records.
Configure Control Workflows
Set up processes for assessments, testing assignments, evidence collection, reviews, approvals, deficiency management, and corrective actions.
Validate the Control Environment
Test workflows, user responsibilities, evidence handling, reporting, notifications, and remediation processes against established requirements.
Optimize Control Operations
Use testing results, reporting insights, recurring reviews, and stakeholder feedback to improve financial reporting control processes over time.
FAQs
(Frequently Asked Questions)
What is an internal control over financial reporting tool?
An internal control over financial reporting tool is software that helps organizations document, assess, test, monitor, and report on controls associated with financial reporting processes.
What can an internal financial reporting control tool manage?
It can support control inventories, risk relationships, control testing, evidence collection, assessments, deficiencies, remediation activities, ownership, and reporting.
Can LaserGRC support financial reporting control testing?
Yes. LaserGRC can help teams coordinate testing schedules, assign responsibilities, collect supporting evidence, record testing outcomes, document exceptions, and track follow-up actions.
Can the tool track internal control deficiencies?
Yes. LaserGRC can help organizations record deficiencies, assign corrective actions, set target dates, monitor remediation progress, and maintain supporting records.
How does LaserGRC support internal financial controls?
LaserGRC provides a centralized environment for managing financial reporting controls, associated risks, testing activities, evidence, deficiencies, remediation, ownership, and reporting through connected GRC workflows.
Create a structured process for managing financial reporting controls from documentation and risk mapping through testing, evidence collection, deficiency management, and remediation. LaserGRC helps teams maintain clearer oversight across the internal control lifecycle.
