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CLEAR
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Future of professionals report 2025
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Summary of design effectiveness evaluations
- Client communications regarding design deficiencies are necessary (for nonpublic entities).
- Design deficiencies indicate identified risks that should be listed in the right-hand pane.
- Your conclusions about design effectiveness should be reevaluated.
- For a public company audit of internal control, whether you've performed sufficient tests of design effectiveness to address the assessed risk of misstatement to each relevant assertion of each significant account and disclosure.
- For a financial statement audit, you can use the worksheet to accumulate deficiencies and determine whether they represent significant deficiencies or material weaknesses that must be communicated to the client.
- For a public company audit of internal control, you can use the worksheet to summarize, accumulate, and evaluate deficiencies to determine whether they (alone or in combination) represent a material weakness or significant deficiency; and to form an overall conclusion on the effectiveness of internal control.
- Consider whether those plans are appropriate given design conclusions reached in each area.
- Generally, it's not effective to test controls over transaction classes that contain design deficiencies.
- It also may not be effective to test controls if design deficiencies exist in related transaction classes for a given assertion or in any of the first four COSO components (Control Environment, Risk Assessment, Information and Communication, and Monitoring).
This article applies to:
- PRODUCT: Guided Assurance