Internal Controls Over Financial Reporting
Strengthen the processes used to establish, document, assess, test, and monitor internal controls over financial reporting with a centralized GRC environment. LaserGRC helps organizations connect financial reporting controls with risks, control owners, testing activities, evidence, deficiencies, remediation plans, and ongoing oversight.
What this solves for financial control teams
Fragmented Financial Control Records
Centralize control descriptions, ownership information, testing records, supporting evidence, and related risk information instead of relying on disconnected spreadsheets and documents.
Inconsistent Control Testing
Establish repeatable processes for scheduling control reviews, performing assessments, documenting results, and identifying exceptions across financial reporting processes.
Unclear Control Deficiencies
Create a structured way to document control failures, evaluate identified issues, assign responsibility, and monitor corrective actions through resolution.
Limited Financial Control Visibility
Give finance, internal audit, compliance, and management teams a clearer view of control status, testing outcomes, open deficiencies, and remediation progress.
Financial Reporting Control Frameworks
Organize controls associated with financial reporting processes, objectives, risks, business activities, and responsible control owners.
Risk & Control Assessments
Evaluate financial reporting risks and associated controls using structured assessment processes and documented review criteria.
Control Testing Programs
Coordinate testing schedules, testing responsibilities, evidence collection, assessment results, and follow-up activities across relevant controls.
Control Deficiency Management
Record deficiencies and exceptions, assign corrective actions, establish deadlines, and monitor remediation progress.
Financial Control Evidence
Maintain supporting documentation associated with control performance, assessments, testing activities, approvals, and remediation efforts.
Control Reporting & Oversight
Provide consolidated views of control effectiveness, testing status, deficiencies, ownership, and outstanding corrective activities.
A structured approach to financial reporting control management
Assess Financial Control Requirements
Review existing financial reporting processes, control frameworks, risk assessments, testing methodologies, ownership structures, and reporting requirements.
Structure the Control Environment
Configure control categories, objectives, risk relationships, ownership models, testing criteria, and other elements required for financial control management.
Consolidate Control Documentation
Organize existing control records, process information, testing history, evidence, deficiencies, and remediation records within the platform.
Configure Testing Workflows
Establish workflows for control assessments, testing assignments, evidence collection, approvals, deficiency identification, and corrective actions.
Validate Control Operations
Test control workflows, user responsibilities, evidence processes, reporting, and remediation tracking to ensure alignment with organizational requirements.
Maintain & Improve Controls
Use recurring assessments, testing results, reporting insights, and stakeholder feedback to strengthen the financial reporting control environment over time.
FAQs
(Frequently Asked Questions)
What are internal controls over financial reporting?
Internal controls over financial reporting are processes and control activities designed to support the reliability of financial reporting and help organizations identify and address risks that could affect financial information.
Why are internal controls over financial reporting important?
They help organizations establish consistent processes around financial reporting activities, identify control weaknesses, support reliable information, and provide a structured basis for monitoring and addressing control deficiencies.
Can LaserGRC manage financial reporting controls?
Yes. LaserGRC can help organizations organize financial reporting controls, associate them with risks, assign ownership, coordinate assessments and testing, manage evidence, and track deficiencies and remediation activities.
How does software support control testing?
Control management software can help schedule testing, assign responsibilities, collect supporting evidence, record test results, document exceptions, and track follow-up actions through structured workflows.
Can internal control deficiencies be tracked in LaserGRC?
Yes. LaserGRC can help teams document deficiencies, assign corrective actions, set target dates, monitor remediation progress, and maintain records of resolution for ongoing oversight.
Bring financial reporting risks, controls, testing activities, evidence, deficiencies, and remediation into a connected management process. LaserGRC helps finance, audit, and compliance teams maintain greater visibility across the internal control lifecycle.
