Information and communication is the component of internal control that ensures that pertinent information is identified, captured and communicated in a form and timeframe that enables people to carry out their job responsibilities. This questionnaire template provides a number of COSO elements and their related control objectives for entity-level controls.
Within the questionnaire, you can document whether a control exists; what specific activities, programs or controls are in place that satisfy the objective; whether the control was designed properly; and any control improvement opportunities. This document should be used as a general guide when creating an entity-level controls questionnaire. It does not address all controls that could be assessed during this process.
Example control objectives in this tool include:
Management has a business planning process in place that examines existing objectives and establishes new objectives when necessary.
Management establishes business plans and budgets with realistic goals, and incentives for achievement of plans are balanced.
Business planning is a bottom-up process. Each functional leader, with the assistance of their direct reports, is responsible for identifying specific goals/priorities for their areas of responsibility that will satisfy the company's overall priorities for the year.