Annual Internal Control Review Plan

SECTION 1
CHAPTER2
ANNUAL INTERNAL CONTROL REVIEW PLAN
The introductory step in the intrinsic control process involves the supply of an Internal Control
Review Plan (ICRP). This plan helps institutionalize the internal control process within the
bureau by involving all(prenominal) levels of concern in its preparation and approval. The ICRP
represents the bureau schedule for execute financial reporting and programmatic internal
control assessments for the current fiscal stratum and/or later years (usually covering a five-year
period, unless some reviews are scheduled annually). This list includes not exactly the internal
assessments described in this section, previously known as precaution control reviews, but also
the list of financial statement-related internal controls that entrust be tested as well (as discussed in
the next section).
An ICRP must(prenominal) summarize a bureaus components; identify the sexual intercourse priority ranking of each
component as high, medium, or hapless risk activity; establish the type of control evaluation to be
conducted and the year in which the evaluation is to be completed; and narrow the responsibility
for conducting the planned evaluation. The annual review plan may suck in reviews of key
controls in the financial areas that do not result in an AICR-like deliverable that is surnamed and
provided to PFM.




At a minimum, the plan should be modifyd annually. The update consists of adjusting the plan to
accommodate Departmental Functional Reviews (DFRs); competitive sourcing; new
components, programs, or reporting systems; changes in priority; the completion of control
evaluations and corrective actions; and any additional information available on the status of
controls. one-year updates should coordinate review activity to avoid redundancy by integrating,
to the maximum extent possible, internal program, functional, and operational reviews, GPRA
performance assessments, management studies, OIG and GAO audits, or any other independent
review efforts.
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