The internal control quantitative assessment uses the COSO model as a basis for evaluating the effectiveness of a corporation’s system of internal control. In addition to identifying control strengths and weaknesses; the assessment produces a single quantitative score on a scale of seven for use by management and the Board of Directors to evaluate the overall effectiveness of control in the corporation.
This internal control assessment program provides the necessary tools and templates for a company to undertake an assessment of its own internal control processes and organization structure. It provides the methodology for an organization to answer the question "How Effective is our system of Internal Controls?" This is the initial step in installing an improvement program. This assessment provides an internal control baseline for the company to use to measure internal control improvements.
The CICS Common Body of Knowledge Assessment helps an individual determine their knowledge as it relates to governance and control practices. Results point out areas of knowledge that may require additional training and experience. The assessment also provides a measurement to the individual's readiness for CICS certification. The assessment measures core knowledge in eight critical areas:
- Internal Control - Principles, Terms and Concepts
- Internal Control Environment
- Risk Management
- Assessing Application Controls
- Business System Control Assessment
- Risk Assessment
- Internal Control Measurement and Reporting
- Governance Practices