Premium Essay

Control Self Assessment

In: Business and Management

Submitted By saraarifff
Words 5755
Pages 24
Control Self-assessment for Information and Related Technology
To ensure smooth functioning of an enterprise striving to achieve predetermined objectives, business processes are identified and defined. To ensure the proper completion of process work, procedures are defined, documented and established. Business procedures need to be properly controlled to ensure smooth completion. Out-of-control procedures are expensive; therefore, controls need to be in place. These controls can be preventive, detective and/or corrective in nature. However, the adequacy of controls over procedures depends on various factors, including a balance between costs incurred for implementing controls and the resulting benefits derived. Many controls are essential overheads for the business, and therefore, their effectiveness must be reviewed periodically. Internal audit of controls, an essential overhead, helps avoid relaxation on controls. Ultimately, the control overheads constitute a major expenditure item.
Assurance that the controls are in place and effective is essential. This assurance can be given through control self-assessment (CSA), also referred to as control self-assurance.
Systems and procedures for many business organizations within various sectors have evolved over time. For example, banking is the oldest service sector and the controls over banking procedures are essential not only for the bank, but also for society in general. Controls in banking procedures have also evolved over time; however, adoption of information technology by banks has prompted changes in banking operations, which have necessitated changes in control structures. What is applicable to banking can also be applied to other organizations and industries, particularly to medium and large organizations with diversified activities and more than one department/section/branch/office.
Provisions of the US...

Similar Documents

Premium Essay

Control Self-Assessment

...Control Self-Assessment Introduction: Management has the responsibility to ensure that effective, sustainable internal controls to keep their areas in line with stated corporate directions, to help it achieve its mission, to minimize surprises and risks, and to allow the organization to successfully deal with change, have been established within their organizations. Internal controls are defined as activities undertaken to increase the likelihood of achieving management objectives in three areas: * Efficiency and effectiveness of operations * Reliability of financial reporting * Compliance with laws and regulations There are many techniques for reaching all parts of an organization in order to assess and manage risks in the organization, self-assessment by front line staff is one of these techniques, some argue the widespread use of questionnaires that are completed by key employees, The questionnaires are designed in a way to help the management in identifying risk and eliminating considerations of risk that do not apply to a department within the organization. The questionnaire serves as management tool for the organization in evaluating how well risks are being addressed through current control policies and practices. It is designed to raise awareness of certain issues and encourage further analysis and discussion. Another technique is the use of interviews with managers in particular business units to determine whether the area is under......

Words: 1667 - Pages: 7

Premium Essay

Reflection on Self-Leadership

...Management Reflection Reflection Paper #2 Controlling Emotion The self-leadership questionnaire has helped me to realize what I am doing well and the areas in which I can improve when controlling my emotions and becoming a more effective self-leader. I learned that I excel in distinguishing natural rewards by being aware of the aspects of my job and schoolwork that I enjoy. I find that I am in a better mood at work when I focus on interacting with customers and building connections. I understand this is the most enjoyable part of my job and that focusing on this makes my shifts at work run more smoothly. When I interact with customers and make friends at work, my natural reward is gained through the work that I do and is not administered by my boss (Neck & Manz, 2013). The questionnaire also made me aware of where I can improve in order to enhance my emotional control and self-leadership at work. I scored moderately low on focusing on the pleasant aspects of my work. When I am working, I often dwell on the negative aspects of my job and what I could be doing if I was not at work. When I focus on negativity, my mood also becomes negative. I have a clear understanding of what I enjoy about my work, but it is necessary for me to maintain my focus on these positive aspects in order to incorporate natural rewards into my work. I will feel more self-control and purpose if I transform my psychological mindset and concentrate on what I love about my job (Neck......

Words: 1177 - Pages: 5

Free Essay

Leadership Skills

...Overview The article will briefly goes over some key findings in regards to the personal and informants’ assessments of my interpersonal and intrapersonal skills. The informants include someone who knows me personally, someone who I know from teamwork in school, and someone I just met in this course. To summary and better present the findings; I have attached several graphs under appendix section for a further discussion. Figure 1 presents the interpersonal and intrapersonal scores based on five categories among myself and different informants. It will be used as a set of core data to evaluate my interpersonal and intrapersonal skills. Figure 2 shows the mean scores between informants and me. I used my scores as the base mark conduct the comparisons. It is used to illustrate the discrepancies between my assessment and other informants’ evaluations. Social Skills Social skills entail the ability to communicate and interact with others in a way that is a appropriate and effective. (Segrin, C. & Flora, J, 2000). As Figure 2 showed, my scores are significantly lower than the informants. It is a good indicator that people are generally satisfied to talk or work with me while it seems that I’m not confident with my social skills. However, it must be noted that my lacking of confidence may relates to self-esteem problem. Self-Control Self-control can be defined as the effortful attempts by a person to change thoughts, feelings, and behaviours in order to reach long-term......

Words: 1062 - Pages: 5

Premium Essay

Plan-Training-Session

...SELF-ASSESSMENT CHECK INSTUCTIONS: This Self-Check Instruments will give the trainer necessary data of information which is essential in journalizing transactions. Please check the appropriate box of your answer to the questions below. CORE COMPETENCIES | | | Can I…? | Yes | No | 1. Journalize Transactions | 1.1 Prepare chart of accounts | √ | | 1.2 Analyze documents | √ | | 1.3 Prepare journal entries | √ | | 2. Post Transactions | 2.1 Prepare ledger | | √ | 2.2 Transfer journal entries | | √ | 2.3 Summarize ledger | | √ | 3. Prepare trial balance | 3.1 List account titles and transfer from the balance | √ | | 3.2 Summarize trial balance | √ | | 4. Prepare Financial Reports | 4.1 Prepare financial statements | √ | | 4.2 Analyze financial statements | √ | | 5. Review internal control system | 5.1 Check policy compliance | √ | | 5.2 Prepare policy compliance report | √ | | Evidences/Proof of Current Competencies Evidences of Current Competencies acquired related Job/Occupation Current Competencies | Proof/Evidence | Means of Validating | 1. Journalize Transactions | * Demonstration * Certificate of Employment | * Assessment * Authenticity | 1.1 Prepare chart of accounts | | | 1.2 Analyze documents | | | 1.3 Prepare journal entries | | | 3. Prepare trial......

Words: 1050 - Pages: 5

Premium Essay

Business

...different milestones. My paper will be divided into four major sections, all of which I will describe briefly on what I learned. Section one, also milestone one, of my paper will be where I first began to set my vision for the course. In this section, I will bring in information I have gleaned from the self-assessments that I completed in this milestone. In section two, also milestone two, I will briefly explain and present my work from the SWOT analysis. In section three, also milestone three, I will present my work from my PEST analysis and briefly explain what I learned from the analysis. Section four of my paper, which is milestone four, I will create a chart showing three practical goals I developed during the course. Also in this section, I will briefly explain whether the overall plan benefited me and also what I learned about myself. Over the course of my study, I have learned many things about myself that I did not know anything about. The course helped me to figure out what could benefit me. I have completed three major milestones throughput the course, all of which I have gained some kind of knowledge about. The first milestone I completed was basically self-assessments reflecting on myself as a person, student, and professional. It also gave me a chance to organize my thoughts about what I wanted to get out of this personal development plan. The second milestone I completed was the SWOT analysis. A SWOT analysis stands for Strengths, Weaknesses, Opportunities,......

Words: 1578 - Pages: 7

Premium Essay

The Impact of the Sarbanes-Oxley Act on Auditing

...businesses was attributed to the lack of regulatory controls in the part of the government as well as transparency of operations of corporations which can be of help to its stakeholders in the analysis of profitability and assurance of good governance to the public. They importance of the Act lies on the accountability and security of financial reporting that the stakeholders would have in a corporation’s implementation of good business practices and adherence to laws and regulations in the administration and operations of the company. The Sarbanes-Oxley Act revised a significant portion of the federation securities laws which had been in place for 60 years already (Sarbanes-Oxley Information). Before SOX, there is a self-regulation in the accounting profession whereby the Securities and Exchange Commission was “given statutory authority to set accounting standards and oversight over the Activities of the auditors…the role of establishing standards was left to the accounting profession” (CPCAF). One of the key changes in internal audits is that the “Act requires all financial reports to include an internal control report” (Sarbanes Oxley Basics). The key is the provision of adequate controls so that the company is confident about the financial statements that they are producing. The controls are in place so that the financial data of company is safeguarded. The role of auditing firms is to attest that the assessment of internal controls is effective. Examine an auditing......

Words: 1522 - Pages: 7

Premium Essay

Ifsm 301 Final Self-Assessment Ifsm301 Final Self-Assessment

...IFSM 301 Final Self-Assessment IFSM301 Final Self-Assessment Click below link for Answer http://workbank247.com/q/ifsm-301-final-self-assessment-ifsm301-final-self-/12455 http://workbank247.com/q/ifsm-301-final-self-assessment-ifsm301-final-self-/12455 IFSM 301 Section (6380) (Summer 2015) 72-Hour Final Assessment   By signing this 72-Hour Final Assessment, I confirm that the work contained on this assignment is my own, I have received no outside assistance and have properly cited and referenced any external research that has been incorporated in my answers.  I have fully complied with UMUC's Policy on Academic Dishonesty and Plagiarism (Policy 150.25).  Failure to properly credit your research sources is a violation of this policy. _____________________________________(Typed signature represents actual signature) - Final Assessments without signature will not be accepted. Instructions:   Choose ten (10) of the sixteen (16) choices below to answer.  Your responses should demonstrate your understanding of the course content and your analysis and critical thinking; you are not expected to just re-iterate what is in the e-book,but to integrate the information in your responses.   Answers will be in the form of a list or short answers, as indicated in the questions.  Proper APA style must be used for any citations and references that you use.  Your Final Assessment will be scored on your demonstration of your understanding and integration of the course......

Words: 674 - Pages: 3

Free Essay

Sylabus

...UNIVERSITY Course Control Document Course Title: Interpersonal Communication for Professionals Course Number: COM3131 Prerequisites: Lower level courses successfully completed Credit Hours: 3.0 semester hours credit Contact Hours: 48 Lecture Hours: 48 Textbook Title: Interpersonal Skills in Organizations (5thedition) Publisher¿s name: McGraw-Hill Author¿s name: de Janasz, Dowd, and Schneider ISBN: 9781308107486 Instructor Qualifications: Earned doctorate or master¿s degree in communications or master¿s degree with 18 graduate credit hours in subject taught. Course Description: Presents an overview of intrapersonal and interpersonal communication issues in a professional setting and explores complex communication patterns between internal and external professional relationships. Topics focus on intrapersonal and interpersonal effectiveness, values and ethics, diversity, team and work group communication, conflict management, leadership, and networking. Course Topics: Intrapersonal effectiveness and self-awarenessValues and ethics in interpersonal communicationDiversity in professional settingsInterpersonal effectiveness in team and work group communication Decision making and creative problem solvingNegotiation and conflict managementLeadership, project management, and networking Course Objectives: Upon completion of the course, students are able to Understand basic elements of intrapersonal and interpersonal effectivenessExplore......

Words: 534 - Pages: 3

Premium Essay

Organizational Behavior

...ethics is a priority. This takes a higher standard than the basic ordinary social standards in society. In this discussion it will be discuss the self-interest in terms of incorporating the following theories lack of understanding, lack of trust in management, differing assessments of the need for change and Low tolerance for change. “Self-actualization consists of feeling that one's life work is helpful or meaningful to other people, and that the work fulfills personal needs for growth, achieving one's potential, and being true to oneself.” Baack, D. (2012). To identify and describe whether this actions is ethical or unethical would be to look at a situation that is “a workplace free of physical and emotional danger fulfills this need. Esteem results from being held in high regard by peers, through respect, prestige, and recognition. Company awards, favorable performance reviews, and promotions generate esteem by others.” Baack, D. (2012). The components of conflict between the relationship of motivation and job satisfaction, and work performance all have significant values which can be attributed to knowledge of learning valuable lessons in life through theories of either social responsibility or through situations in which moral ethics was a priority which took a higher standard than ordinary social standards. The self-interest of an individual realizing what priorities can relate to motivate that individuals need to progress further in society as well as attribute......

Words: 1519 - Pages: 7

Premium Essay

Emotional Intelligence and Why Is It Important in Project Management

...What is emotional intelligence and why is it important in project management? How did you score on the emotional intelligence mini-assessment? What areas do you need to strengthen in order to raise your own emotional intelligence? Describe the characteristics that would make a Project Manager "emotionally intelligent". Emotional Intelligence (EI) is the ability to realize, understand and control self emotions and that of others and groups. The application of Emotional Intelligence would result in creating deep relationships, surround you with content people and help build a successful journey both professionally and personally. This significant personal trait of EI is needed as a project manager, as the main focus of the PM is to plan, manage, monitor and control work and tasks done by others. EI is as important as using project management processes and tools. It helps in people management, building teams and becoming an inspiring leader. EI is important to Project Managers as is for any leader. It would be even more important for PMs, as a project is for a fixed duration with a set deliverable. It is not an on-going operation with regular people working on it through out the course. Project Managers are responsible for moving the project forward. They would have to work with different sets of people, make sure there is harmony in the team, resolve conflicts, maintain integrity and lead everyone towards the project’s objective. Project Managers have shorter......

Words: 554 - Pages: 3

Free Essay

Analysis of Team Charter

...inquiries relating to one of the four topics help the team member isolate his or her goals that pertain to the team. Rules and guidelines The LTC established three simple rules for Team A to follow: open communication, accountability for individual actions, and full participation in every project. These simple rules provided the framework necessary to accomplish Team A's goals. Expectations The trust assessment provided insight to each member's ability to trust others. This key element helped the team to determine if any member would not be able to trust the others to complete his or her portions and lead the effectively. The expectations for Team A is a high final grade and trust is an important part of achieving this goal. Fair play Team A selected a leader for the team. This step organized the group and established a voice for the team. Although the team leader did not have the final say in any one matter, she ensured all members participated equally throughout the project. Life happens Life often presents situations of individual control. With open communication, team mates guarantee all members are aware of problems and can provide assistance. Team A...

Words: 712 - Pages: 3

Premium Essay

Personal Health

...Personal Health Assessment Paper John Martin Mubiru SCI/100 - PARADIGMS OF HEALTH September 18, 2010 Personal Health Assessment Paper Personal health assessment is a systematic functional data on health plans. It serves as a foundation of any successful wellness of health practices. Personal health assessment helps people to achieve the best health through proven health support technics, evidence-based actions, and caring coaches. (LM Health Works) Health describes wellness as an important aspect of a human being to live well. Wellness however is the positive approach to living good with a health body, health mind, and more important living without diseases. There are six dimensions of wellness in a healthy lifestyle. Namely, intellectual, emotional, social, physical, spiritual, and environmental. Three of these mentioned dimensions have been elaborated in details below. First, globally, the environmental dimension of wellness determines which kind of life a certain area can harbor. This in turn helps to develop different characteristics of the people and animals. The settlement of human life in an oasis found in a desert-like environment depends on the health of the planet. No human life can avail in the tropical rain forests, because of the abundance big trees, wild inhabitants and a concentration of billion insects. However, food security, water and the presence of penetrable areas enables human life to settle in many parts of the world. Furthermore,......

Words: 991 - Pages: 4

Free Essay

Analysis of Team Charter

...inquiries relating to one of the four topics help the team member isolate his or her goals that pertain to the team. Rules and guidelines The LTC established three simple rules for Team A to follow: open communication, accountability for individual actions, and full participation in every project. These simple rules provided the framework necessary to accomplish Team A's goals. Expectations The trust assessment provided insight to each member's ability to trust others. This key element helped the team to determine if any member would not be able to trust the others to complete his or her portions and lead the effectively. The expectations for Team A is a high final grade and trust is an important part of achieving this goal. Fair play Team A selected a leader for the team. This step organized the group and established a voice for the team. Although the team leader did not have the final say in any one matter, she ensured all members participated equally throughout the project. Life happens Life often presents situations of individual control. With open communication, team mates guarantee all members are aware of...

Words: 721 - Pages: 3

Premium Essay

Personal Development Evaluation Sample

...Individual Self-Development Plan Based on the Results of the Emotional and Social Competence Inventory-University Edition Self-Assessment Questionnaire This paper should be considered a Individual Self- Development plan based on personal results from the “Emotional and Social Competence Inventory-University Edition Self-Assessment Questionnaire.” Having completed the inventory very carefully, giving honest and thoughtful answers I believe that I have and will continue to greatly benefit from this exercise. This assignment has given me reason to look thoroughly at many of my personal challenges that if not improved upon could affect the level of my future successes personally, academically, and professionally. • Working with, understanding, and influencing others • Stress management and self control After completing the questionnaire and reviewing the workbook, I noted that in all except three of my competencies I scored higher than twenty. It is interesting that according to the self assessment profile it could be concluded that I overcompensate in some areas to offset the challenges I have in other competency areas. On the other hand these competencies may not be applicable for the role that I currently hold as an independent Branch Manager. I have considered that with regard to Relationship Management: Inspirational Leadership I scored 24. Yet Influence and Teamwork were two of my lowest scores. I know that it good......

Words: 1421 - Pages: 6

Premium Essay

Finding the Leader in You

...person relaying the information will transmit it. It’s upon him or her to decide if to treat it as positive or negative feedback. The person who treats it as positive feedback has the ability to change the areas that need change without much resistance and while the person who perceives the feedback as negative will tend to bend low with a dwindled self-esteem and may end up reacting in a depressing manner. When the information being communicated is a critique, the recipient is also the determinant as to whether, the feedback will bring a change in the person or he or she will react to the information. Openness to feedback is a challenge to many people today since when one speaks about their personal experiences they fear being judged inappropriately. In the work place, workers are afraid of getting back information because they fear being perceived as weak, uncertain and deficient of confidence. Therefore, they tend to evade returning information that would result to change and that would bring about positive outcome in the organization (Reeves, D. B., 2006). Some factors that may make an individual to react negatively is lack of self-esteem and the inability to pick out their strengths and utilize the information they get about their mistakes to build more vigor on them. The moment a person incorporates a negative attitude during feedback, the intended impact is distorted. Willingness to disclose information is inherent within a person. When a person decides to give......

Words: 1625 - Pages: 7