A visual description of the eight steps involved in implementing the Policy on Internal Control and conducting an assessment of the status of Parks’ system of internal controls over financial reporting.
Step 1 Risk Assessment and Scoping
Step 2 Documentation of Controls
Step 3 Evaluate Design Effectiveness
Step 4 Remediate Control Design Deficiencies
Step 5 Evaluate Operating Effectiveness
Step 6 Remediate Operating Design Deficiencies
Step 7 Monitoring
Step 8 Reporting occurs throughout the implementation Steps 1 to 7.