Project Management and Tools Assessment Design
THE REVISION OF the Framework provides an excellent opportunity to assess the efficiency and effectiveness of any assessment approach used previously. In addition, first-time Securities and Exchange Commission (SEC) filers and first-time auditees will also need to perform their initial project. This chapter reviews some of the basics of project organizational structure and tools selection. As it is likely that a COSO assessment will be a continuing annual event, it is worthwhile to give up-front consideration to the maintainability of any approach taken. As an auditor, you will encounter a number of different COSO approaches taken by your clients, so it is particularly important you be well versed in the COSO concepts and have flexible tools to cope with diversity in approaches.
We now have a decade of experience in learning and applying COSO to financial reporting. There is no need to assume that everyone is at the starting line and have to experience all of the “learning opportunities” of your predecessors. This work is dedicated to helping you benefit from what others have found works and does not work. There will be changes to any prior approach, so why not make the best of it and try to do a more efficient and effective project?
For those public companies and auditors who started assessing controls ...