IIA-Australia White Paper - Control Self-Assessment In Action

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Author	Yulia Wood BSc, CPA(US), CA, PMIIA Carol Richardson-Dale BCom, PFIIA
Date	2023
Topics Explored	Internal Audit
Format	White Paper
Extract/Description	A control self-assessment approach promotes collaboration and builds relationships with senior executives to build a culture where risk and control is understood and appreciated. It can expand assurance coverage in a cost-effective way and reduce the need for extensive internal audit testing. It is a way of stretching the internal audit budget further.
Key Points	Control self-assessment is a technique that internal auditors can use as an alternative internal audit service method. Control self-assessment is a structured process where management and the work team collaboratively to assess the effectiveness of controls, the level of residual risk, and achievability of business objectives. It typically involves facilitated workshops and surveys.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate