Internal Control Checklist

Are roles and responsibilities for internal controls clearly defined and documented?

Does the board or senior management actively oversee internal control processes?

Are ethical standards and policies communicated across all levels of the organization?

Is there a documented process for reviewing and updating internal controls regularly?

Are financial statements reviewed for accuracy and completeness before finalization?

Are reconciliations of accounts performed regularly?

Is access to financial systems restricted to authorized personnel?

Are periodic audits conducted to verify financial data integrity?

Are workflows standardized to minimize redundancy and inefficiency?

Are performance metrics monitored and evaluated against objectives?

Is there a process for identifying and addressing bottlenecks in operations?

Are technology and tools regularly updated to improve operational efficiency?

Are risk assessments conducted at least annually?

Are controls in place to mitigate high-priority risks?

Is a contingency plan in place to address unexpected risks?

Are employees trained on identifying and managing risks?

Are all applicable regulations and standards identified and documented?

Are compliance reviews conducted regularly?

Is there a reporting mechanism for non-compliance incidents?

Are compliance policies updated in response to regulatory changes?

Are IT systems protected with up-to-date security measures?

Are backups of critical data performed regularly?

Are access controls implemented to safeguard sensitive information?

Is there a cyber security response plan in place?