The web-based CSA tool Deloitte has developed allow management to take accountability for, and to signoff on the effective design and operation of internal controls. The CSA tool allows management in diverse locations to complete a specifically developed questionnaire on a periodic basis and for the easy collation of results for reporting to the Audit Committee.
The King report on Corporate Governance requires that a combined assurance model is applied to provide a coordinated approach to all assurance activities, including assurance from management and from internal and external assurance providers. Obtaining the requisite assurance from management as suggested by the King Report is not always easily accomplished. One of the most effective ways of obtaining management assurance as part of the combined assurance model is in the form of a Control Self assessments(CSA).
Deloitte has the skills, experience and tested software tools to make CSA a contributor to combined assurance in any organisation. The CSA tools we develop will improve accountability for and reporting on the operation of controls.
Control self-assessment creates a clear line of accountability for controls, reduces the risk of fraud, (by examining data that may flag unusual patterns of transactions) and lowers risk profile. A number of other soft benefits have been claimed by organisations performing control self-assessments. These include a better understanding of business operations (by both management and operational staff), stronger awareness of risk practices and a reinforced governance regime. The results are typically presented in the form of Dashboards which are easily understood and highlight areas of control weaknesses or failures a ta glance.
An effective and efficient CSA can assist in limiting the need for extensive audit testing and can reduce auditor fatigue and assurance overload.