404 Readiness Project Overview

1
404 Readiness Project Overview
Define Internal Control Framework
Develop Pilot Plan and Approach
Remediation and Monitoring
Roll-out Strategy and Assessments
Project Organization

• Develop pilot approach
• Select pilot location
• Perform pilot
• Develop roll-out strategy
• Review pilot results to roll-out strategy

• Execute strategy across the entire organization
• Document and test control activities
• Identify control gaps

• Develop monitoring program for control gaps
• Develop remediation action plan, responsibility
  assignments, and due dates
• Define internal control remediation requirements
• Communicate and document as required

• Define Scope
• Develop project plan, milestones, and budget
• Organize project team
• Establish communications plan
• Evaluate and select monitoring tools

• Identify existing control documentation
• Gather best practices and external audit
  requirements
• Select internal controls framework (e.g., COSO),
  map to existing controls, and identify gaps
• Define documentation standards

2
COSO Control Framework

• Management Analysis

• Disclosure Committee

• Internal Audits

The process which ensures that relevant
information is identified and communicated in a
timely manner
The policies and procedures that help ensure that
actions are identified to manage risk are
executed and timely

• Messages from Senior Management

• Policies and Procedures

• Delegation of Authority
• Approvals

• Training

• Code of Ethics

• Common Processes and Systems

• Segregation of Duties

• Account Reconciliations

The evaluation of internal and external factors
that impact an organizations performance

• Information Technology Controls

The control conscience ofan organization. The
tone at the top

• Business Risk Management

• Process Risk Management

• Code of Ethics

• Internal Audit Risk Assessment

• Documented Policies and Procedures

• Cultural Assessment