System controls oversight report

Upgrade your reporting and frequently revisit the agenda

For the audit committee to effectively execute its oversight responsibilities, the reporting they receive from management related to operational and regulatory risks and controls must be crisp, concise and informative

Over time, you can always expand the scope of your reporting to include a broader range of controls as needs evolve

A range of circumstances can require having an independent and qualified third party attest to company-specific operational standards or system controls

Using the reporting as a guide, ask management to provide a clear and concise status of enterprise-wide open control issues and their remediation status

Focus on the “red” or “yellow” areas, since those are generally the higher-risk areas where the committee should spend time