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Internal Control over Financial Reporting - Core

Baseline Controls in Small Entities

The Baseline Controls in Small Entities Playbook (based on the AICPA’s “Examples of Controls in Small Entities”) provides a set of the most common basic ICFR controls intended to help management (including process owners), boards of directors and their audit committees, as well as internal and external auditors, to document, assess, test and report on the effectiveness of key controls on which management intends to place reliance to prevent and detect material misstatement and fraud in accordance with relevant corporate and regulatory requirements.

This Playbook of baseline controls address the following material classes of transaction, account balances, or disclosures:

  • Financial Closing and Reporting

  • Cash Management

  • Accounts Receivable

  • Inventory

  • Property

  • Accounts Payable

  • Sales,  and

  • Other Expenses

 

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