Accounting and Finance Operations: Risk and Control Matrix (Excel)
58 controls (46 key) for 16 objectives and 32 risks, each with walkthrough questions, evidence to ask for and test steps.
Risk Control Matrix · editable Excel · 3 sheets · ₹249 / $2.49 · lifetime access, up to 5 downloads
This matrix covers the day-to-day accounting and finance function: accounting policies and authority, ledger master data, record keeping and supporting documents, budgeting and cash-flow planning, GST and TDS compliance, booking of purchase and expense bills, supplier payments, customer receipts and receivables, employee expense claims and corporate cards, cash and bank, capitalisation and verification of fixed assets, period-end reconciliations, journal entries and payroll accounting. For every control you see what good looks like, whether it is preventive or detective, manual or automated, how often it runs and whether it is a key control, plus the walkthrough questions, evidence to request and steps to test it. Record what you find, the control owner and any gap in the same sheet: the Summary sheet counts effective, partly effective and ineffective controls by objective as you go. Written so that an auditor new to the process can use it, and detailed enough for experienced reviewers. Editable Excel.
What's inside
- Read Me: how the matrix is laid out and how to use it in an audit
- Risk-Control Matrix: 16 objectives, 32 risks and 58 controls (46 key)
- Each control: type, nature, frequency, key or supporting, and how to evaluate it
- Columns for your response, evidence seen, control owner and gap / action
- Summary sheet: results by objective, updated automatically
Topics: Accounting · Tax
Learn it on video
- How to Prepare a Risk and Control Matrix (RCM): An Accounts Payable Example (11 min)
- Internal Controls in Everyday Business: Segregation of Duties, Approvals, Access and Reconciliations (20 min)
- How to Link Risks to Controls: The Risk and Control Matrix (RCM) (12 min)
- How to Describe Controls in the RCM: Method, Type, Frequency and Test Procedure (8 min)
- How to Test Controls (2): Test of Operating Effectiveness (7 min)
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- Cash and Treasury: Risk and Control Matrix (Excel) (editable Excel, ₹149 / $1.49): 39 controls (26 key) for 13 objectives and 19 risks, each with walkthrough questions, evidence to ask for and test steps.
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