What challenges do organizations face when preparing to scope their internal controls?
Many organizations are concerned about the investment of resources and time this process requires, or are unsure about what methodology to adopt in determining what is and isn’t in scope. A common challenge organizations face is underestimating the extent to which IT plays a role within this entire process. And organizations often miss the mark by underestimating the importance of company-level controls and disclosure controls and processes. The truth is many organizations seem eager to dive into the documentation of the more routine recurring processes first, and, as a result, tend to rush through the early phases of the process. How can organizations overcome these challenges? The best strategy is to take the time up-front to understand where you need to go. Although some of this work can be resourced internally, external consultants with prior experience often help organizations navigate common roadblocks and complete the evaluation process more efficiently. Either way, the end goal
