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Ext. PublicationStructuring Effective Controls Over the Five Primary Transaction Cycles
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This is an overview in a series of articles designed to help organizations identify risks and improve internal controls over financial reporting.
Internal control over financial reporting (ICFR) is an integral element in every financial leader’s toolbox. Having the right controls, properly implemented, allows leaders to ensure that they have timely, accurate and complete financial information to make informed decisions. Weaver designed this guide as a roadmap to help any organization, regardless of industry, understand these cycles, the specific processes and subprocesses you need, and controls you can implement to manage your financial risks. It will also walk you through a step-by-step analysis of financial and operational risk and control considerations for the five primary cycles.
The five primary cycles are universal, in that every organization has them. At the same time, every organization is unique in its exact processes and needs. As you use this guide and the downloadable risk-control matrices, you will need to examine your own processes to customize controls for your operations, while eliminating what is unnecessary.
What Does the Set Include?
The documents include this overview, five chapters and a set of risk–control matrices. Each chapter describes the processes and risks associated with one of the five primary cycles, along with the controls we recommend implementing to manage those risks.
To accompany the text documents, Weaver also offers a downloadable, illustrative risk-control matrix for each cycle that you can use to help identify and begin closing gaps in your controls.
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Download the Complete Set
Learn more by downloading the individual chapters, each of which addresses one transaction cycle, and the corresponding Risk and Control Matrix for each cycle:
