Assessments
ICI's Assessment Programs
The professional staff of the Internal Control Institute™ has developed assessment tools for both organizations and individual professionals. The assessment questions are based on professional literature, laws, regulations, and standards regarding internal control, financial reporting, and corporate governance. Input and review is provided by the ICI Board of Advisors comprised of Corporate Executives, Board Members, CPA Firm Partners, and Legal Counsel. The Assessment Tools have been field tested in several organizations and with individual professionals.
Organizational Assessments
The Internal Control Quantitative Self-Assessment tool uses the COSO model as a basis for evaluating the effectiveness of a corporation’s system of internal control. In addition to identifying control strengths and weaknesses, the assessment produces a single quantitative score on a scale of seven for use by management and the Board of Directors to evaluate the overall effectiveness of control in the corporation. This internal control assessment program provides the necessary tools and templates for a company to undertake an assessment of its own internal control processes and organization structure. It provides the methodology for an organization to answer the question "How Effective is our system of Internal Control?" This is the initial step in installing an improvement program. This assessment provides an internal control baseline for the company to use to measure internal control improvements. The assessment measures core organizational performance in five critical areas:
- Audit Committee
- Internal Auditors
- Independent Auditors
- Executive Management
- Board of Directors
Take our free online mini organizational assessment here.
Individual Assessments
The CICS Common Body of Knowledge Assessment tool helps individuals determine their knowledge as it relates to governance and control practices. Results point out areas of knowledge that may require additional training and experience. The assessment also provides a measurement of the individual's readiness for CICS certification. The assessment measures core knowledge in eight critical areas:
- Internal Control - Principles, Terms and Concepts
- Internal Control Environment
- Risk Management
- Assessing Application Controls
- Business System Control Assessment
- Risk Assessment
- Internal Control Measurement and Reporting
- Governance Practices