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Internal Controls and Self-Assessment

Internal Controls and Self-Assessment Steven Spillan, Esq. Senior Associate Brustein & Manasevit, PLLC. Brustein & Manasevit, PLLC 2019. All rights reserved. 1. WHAT IS A control Self-Assessment ? A management technique that reviews whether an organization's Internal Controls system is reliable. That is, an individual within an organization performs effectiveness testing to verify that key Controls are functioning properly, resulting in the detection or elimination of weaknesses. Brustein & Manasevit, PLLC 2019. All rights reserved. 2. AGENDA. 1. Internal Controls : Definitions & Requirements 2. Five Components of Internal Controls 3. Conducting a Self-Assessment Brustein & Manasevit, PLLC 2019. All rights reserved. 3. Internal Controls : DEFINITIONS & REQUIREMENTS. (2 CFR ; ; ). Brustein & Manasevit, PLLC 2019. All rights reserved. 4. Internal Controls DEFINED: A process, implemented by a non-federal entity, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: Effectiveness and efficiency of operations.

internal controls…but •Corrective Actions are dictated by Feds or Pass-Through; and •Could include monetary liability = repayment of funds •If non-federal entities identify and mitigate risks through corrective action prior to audit or monitoring visit:

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