02 — Capability · BC-210.50
Financial Controls
Design and operate the controls that stop errors and fraud from reaching the financial statements, and keep the evidence that each control ran as designed.
- Internal Control over Financial Reporting
- ICFR
In scope
- Control design and the risk-control matrix
- Segregation of duties in finance processes
- Control evidence and deficiency remediation
Out of scope
- Independent assurance over the controls (see BC-160)
- Enterprise-wide risk appetite (see BC-130)
Realized by · 2
Used in · 1
Build it · 0
- Nothing in the library points here yet.
Decomposes into · 4
- BC-210.50.10Control DesignMap the ways a financial statement could be wrong to the controls that prevent or detect each one, and document how every control is performed.
- BC-210.50.20Segregation of DutiesKeep the ability to initiate, approve and record a transaction in different hands, and review the access that would let one person do all three.
- BC-210.50.30Control Operation & EvidencePerform each control on its schedule and retain the evidence that shows who did it, when and what they found.
- BC-210.50.40Deficiency RemediationRate control failures by severity, fix the cause rather than the symptom, and show the control working again before it is closed.