Thomson Reuters Global Resources

L Scott Spradling

Stephen Wilson Lindsey

Marriette Louise Kershner

James B Bassett

Charles Jacobus

Stephen W Lindsey

The present invention provides a computer-implemented method and system for assessing internal controls. The method includes: presenting internal control items; processing an input set associated with at least some of the internal control items; and (c) generating a set of assessment information based on the processed input set. The method may further include one or more of: (d) prior to presenting, automatically grouping and presenting a subset of the plurality of internal financial control items based on a user input related to an assessment of risk; (e) prior to presenting, automatically presenting a previously identified risk associated with one or both of an audit area and a transaction class associated with a subset of the plurality of internal financial control items; (g) receiving a user test input designating an internal financial control item for testing and presenting a set of test procedures associated with the designated internal financial control item; (h) documenting assessments with the set of test procedures; and (i) receiving from a user a plurality of inputs representing user assessment of the effectiveness of internal financial control items and presenting a summary of the effectiveness assessments.

Method and system for auditing internal controls

The present invention provides a computer-implemented method for assessing risks associated with an audit. A user is presented with a plurality of audit items and a set of risk levels associated with the audit items and may also be presented with a plurality of prompts designed to elicit a set of responses from the user. The set of user responses being associated with a set of risks associated with the audit. The set of risk levels being associated with a set of assertions associated with the audit items and may include first and second risk levels of different degrees. The method further includes processing a set of responses received from the user in response to the items presented. The method includes automatically generating a suggested audit approach that is based at least in part on the processed responses. The method may also determine a set of procedures that are based on the responses. The set of procedures are presented to the user based on the suggested audit approach. The user is presented for selection with a set of audit approaches comprising the suggested audit approach and an alternative audit approach.

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Fort Worth, TX, United States of America

L Scott Spradling