Close / reconciliation · Record-to-Report
Controls
SOX 404 · ICFR · COSO 2013 control framework overlay
Framework Coverage
COSO 2013Fragile
0%
0 covered0 partial2 gap
ICFRAI Ready
100%
0 covered1 partial0 gap
SOX 404Fragile
33%
0 covered1 partial2 gap
Control Mappings
Partial2 controls
SOX-R2R-001SOX 404
Close reconciliation sign-off
review_signoff
Sign-off evidence is not consistently retained or standardised across the close team.
ICFR-X-001ICFR
Controls are documented and operating
monitoring
No formal documentation of close controls — effectiveness cannot be independently assessed.
Not Evidenced4 controls
SOX-R2R-002SOX 404
Manual journal controls
approval_chain
No independent review or approval workflow for manual journal entries.
SOX-R2R-003SOX 404
Close key-person risk
ownership_accountability
Key-person dependency is the highest risk in this scenario. Loss of a key individual would disrupt the close.
COSO-MON-001COSO 2013
Controls are periodically re-evaluated
monitoring
No monitoring cycle or deficiency remediation process for close controls.
COSO-CA-002COSO 2013
Evidence that controls were executed
evidence_retention
Controls cannot be externally tested because evidence of execution is absent.
SOX 404
No independent review of manual journal entrieshighapproval_chain
Manual journals are posted without a formalised independent review step. Preparer rationale is not documented and no approval workflow exists.
ACTIONImplement a mandatory independent review and approval step for all manual journal entries above a defined materiality threshold.
Critical close tasks rely on single individualshighownership_accountability
Key close tasks depend on the availability and undocumented knowledge of specific individuals. No runbook or deputy coverage exists.
ACTIONDocument all critical close steps in a runbook and designate trained deputies for each high-risk task.
COSO 2013
No periodic review of close control effectivenessmediummonitoring
No monitoring cycle exists for close controls. Deficiencies identified in prior periods have not been formally tracked or remediated.
ACTIONEstablish a quarterly close control review cycle with documented deficiency tracking and remediation sign-off.