Internal Control Evaluations

For many entities, compliance with PCAOB, AICPA, and GAS internal control mandates is a challenge in terms of time, resources, and skills. Clearview Solutions can be a valuable resource to deal with these challenges. During our evaluation, we identify opportunities to streamline compliance tasks by using Business Process Management software. We also consider the options of using continuous control monitoring software tools for automating the management of key risks. There is no replacement for practical experience. Fortunately, internal control expertise is the foundation of our company. A typical project includes:

Stage 1- Assess Risk: Risk assessment is the cornerstone for management’s documentation and assessment of internal controls over financial reporting. Clearview identifies risks to achievement of financial reporting objectives by considering risk factors related to each significant financial statement account and disclosure. Our analysis of your balance sheet and income statement identifies the key business cycles and processes that must be documented to adhere to 

Stage 2- Document Key Business Cycles & Processes: Documentation includes recording the control objective and the control activity for each of the high risk processes in the business cycles identified in Stage I. Clearview starts this task for each business cycle using a risk control matrix populated with comprehensive set of controls that are based on the most recent COSO, SEC & PCAOB guidance. After the documentation is complete, we integrate test plans into the risk control matrices. 

Stage 3- Implement, Test, Remediate, and Train: Our team has extensive experience training management and staff on how to properly implement and execute internal controls. We are available to assist you and your team with portions of the testing and remediation stage or we can handle the entire project.

Stage 4- Coordinate with External Audit: The audit of your financial statements and internal control system can be challenging. Audits often take longer than expected, are more expensive than estimated, and are typically intense and stressful. Stress will be minimized and audit fees will be reduced if we provide your auditors with documentation based on their format and standards. Clearview will organize your risk assessment, process documentation, and testing data using standards and formats pre-approved by your auditors.