MetricStream enables organizations to design, assess, and improve internal controls under the COSO framework. It helps establish a systematic process to assess the effectiveness of internal controls and easily provide evidence to external auditors that an internal control was tested to the satisfaction of the audit group. Our document control functionality provides a central repository with comprehensive change control capabilities.
COSO Implementation Simplified
MetricStream enables organizations to design, assess, and improve internal controls under the COSO framework. It helps establish a systematic process to assess the effectiveness of internal controls and easily provide evidence to external auditors that an internal control was tested to the satisfaction of the audit group. Our document control functionality provides a central repository with comprehensive change control capabilities. MetricStream also provides greater control over and clear visibility into compliance issues, statuses, and plans.
How Does MetricStream Help You Implement the COSO 2013 Framework?
Centralized Control Library
Create a central library of controls and map them to processes, risks, and regulations, simplifying information-sharing across assurance functions such as internal audit and compliance. Prioritize and rationalize controls related to high-risk areas, or that have a greater material impact.
Systematic Risk Assessments
Organize and structure workflows for risk assessments – define the plan, scope, schedule, and owners. Perform risk assessments based on impact and likelihood, rate the effectiveness of controls, and document inherent and residual risk ratings. Determine the nature, schedule, and extent of testing that must be carried out for each area along with the required sample size.
Streamlined Control Testing and Documentation
Design and plan control tests, including the schedule, scope, frequency, and test owners. Identify controls for testing based on various parameters and assign them to control owners or testers. Easily conduct control tests with built-in standard templates. Select control samples, record tests results, and attach supporting documents and compliance evidence.
Well-Defined Remediation and Disclosure Processes
Identify and document control issues and deficiencies, mark them for remediation, and assign to owners. Create remediation action plans and channel them to reviewers for approval. Structure workflows for the review of issues marked for disclosure and route to the disclosure committee for recommendations and inclusion in regulatory filings.
Efficient Monitoring and Reporting
Deliver timely, actionable insights on control test results and deficiencies to make informed decisions on control improvements. Effectively monitor internal control design, process ownership, evaluation plans, test results, and more on graphical charts with drill-down capabilities. Easily track the number and test status of controls with key control metrics cards.
What Benefits You Can Expect?
- Greater confidence in SOX compliance through a unified approach to manage risk and control data across financial processes
- Reduced compliance costs and efforts through rationalized controls
- Consistent and streamlined processes for control testing, documentation, and issue remediation
- Improved stakeholder confidence with accurate and reliable data on control testing, certifications, and issue resolution
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Frequently Asked Questions
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued the 2013 Internal Control-Integrated Framework on May 14, 2013 – an updated edition of the 1992 COSO standards. The COSO 2013 Framework helps organizations ensure compliance with Section 404 of the Sarbanes-Oxley Act of 2001 (SOX). It recommends internal controls to formalize how key processes are performed so that organizations can comply with legal requirements as well as address risk management. The framework also includes monitoring and reporting.
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