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ControlsDoc^sm — For Documenting and Assessing Internal Controls
Frequently Asked Questions

How are ControlsDoc and ControlsDocLite licensed?

What happens at the end of my one year subscription?

How does ControlsDocLite^sm differ from ControlsDocStandardsm?

How can I determine whether ControlsDocLite^sm or ControlsDoc^sm is best for my needs?

If I start with ControlsDocLite^sm, can I later switch to ControlsDoc^sm if my needs change?

If my audit firm holds a Firm/Entity license to ControlsDocLite^sm or ControlsDoc^sm, can my clients use that license to update their controls?

Why should smaller, simpler entities document their internal controls?

Can I learn about Internal Controls by Using ControlsDocLite^sm ?

Who Can View ControlsDoc^sm / ControlsDocLite^sm Copies?

I am a CPA (Auditing) firm. Does my client need a license to view ControlsDoc^sm / ControlsDocLite^sm?

I am an Entity. Does my Auditor need a license to view ControlsDoc^sm / ControlsDocLite^sm?

What types of engagements is ControlsDoc^sm suitable for?

Is ControlsDoc^sm compatible with the COSO Framework?

How does using ControlsDoc^sm help audit efficiency and effectiveness?

How long will it take me to document internal controls for an entity?

 

How are ControlsDoc and ControlsDocLite licensed?

ControlsDoc and ControlsDocLite are licensed by subscription per the following table:

Subscription Price	Product Name	Product Content	Platform	License
$500 Regular/ $400 AICPA Member	ControlsDocLite	ControlsDocLite	Stand-Alone	Install on one computer
$1,000 Regular/ $800 AICPA Member	ControlsDocStandard	ControlsDocStandard	Stand-Alone	Install on one computer
$5,000 Regular/ $4,000 AICPA Member	ControlsDocSuite	ControlsDocLite	Stand-Alone	Install on multiple computers within firm/entity
		ControlsDocLite	Client/Server	Install on multiple computers within firm/entity
		ControlsDocStandard	Stand-Alone	Install on multiple computers within firm/entity
		ControlsDocStandard	Client/Server	Install on multiple computers within firm/entity
		ControlsDocStandard	Web	Install on multiple computers within firm/entity

 

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What happens at the end of my one year subscription?

You will be given the opportunity to renew prior to the end of your subscription. A renewed subscription will ensure continued access to ControlsDoc. If you choose not to renew, you will not have access to ControlsDoc. You will have access to your archived read only project.

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How does ControlsDocLite^sm differ from ControlsDocStandardsm?

ControlsDocLite^sm  is designed to meet the limited needs of smaller entities or auditors of smaller entities to document their internal controls. As such, the application simplifies the initial data entry relating to controls documentation by:

• Using assertions in lieu of control objectives as documentation prompts. This results in fewer documentation points for each account or process.
• Reducing the number and level of detail in the control data entry forms
• Filtering the number of controls questions to those most relevant to smaller entities
• Simplifying the IT form to be sufficient for a single IT environment
• Presenting prompts based on the most essential financial accounts and processes

However, ControlsDocLite^sm has the same edit functionality as ControlsDoc^sm, and controls text and accounts and processes can be added or deleted to tailor the application to the entity. Once tailored to an entity, the application can be "rolled forward" to the next year to document changes and to preserve the tailoring and simplify updating the next year.

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How can I determine whether ControlsDocLite^sm or ControlsDoc^sm is best for my needs?

We recommend ControlsDocLite^sm only for smaller and simpler companies. These will often be non-public entities. When any of the following apply, we recommend ControlsDoc^sm be used.

• Entity is currently issuing or potentially will issue a separate report on the effectiveness of internal controls over financial reporting
• Multiple divisions, locations
• Complex organizational and financial reporting structures
• Multiple information technology environments in different locations

Extensive reliance in financial reporting on complex IT systems and computer application software.

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If I start with ControlsDocLite^sm, can I later switch to ControlsDoc^sm if my needs change?

Yes, but you will need to take the step of mapping your ControlsDocLite^sm data to ControlsDoc^sm. ControlsDocLite^sm data prompts are based on assertions (completeness, valuation, etc.,) whereas ControlsDoc^sm data prompts are based on control objectives (How does the entity ensure all shipments are billed?). There is often not a one-to-one correspondence between these approaches. An assertion may encompass a number of control objectives. The ability to export to Word or Excel and the cut-and-paste features in the software will make it possible to transfer much of your data without data re-entry.

Once having completed your documentation using ControlsDoc^sm, it is generally more efficient to continue to use that product going forward. The rollover capabilities of the software minimize data entry when the controls do not change from year-to-year. 

When an auditor and their client entity are both using ControlsDocLite^sm or ControlsDoc^sm, the most efficiencies are achieved when both are using the same product.

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If my audit firm holds a Firm/Entity license to ControlsDocLite^sm or ControlsDoc^sm, can my clients use that license to update their controls?
Both the single license and the Firm/Entity license are solely for the use of the entity licensing the product. If the audit firm holds a site license, and a client wishes to use ControlsDocLite^sm to update their controls, the client must purchase a license to do so.

However, an archived copy of the documented controls (not editable) from either the auditor or the client can be shared and viewed by anyone authorized to do so.

The pricing on the ControlsDoc^sm or ControlsDocLite^sm annual subscription product is designed to provide significant efficiencies and savings to the auditor and the entity in documenting internal controls when sharing that information.

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Why should smaller, simpler entities document their internal controls?
If such entities are audited, auditors are required to document their understanding and their assessment of at least the design of those controls. It is often more economical for the entity to create this documentation in-house or with some assistance, rather than outsourcing this documentation task to the auditor or a third party. In addition, in-house development and maintenance of such documentation builds management understanding and appreciation for the importance of such controls.

Many business failures and devastating frauds have been clearly linked to control design weaknesses and a lack of controls-consciousness. The median size reported frauds in businesses with fewer than 100 employees ($190,000) are of the same approximate magnitude as the median size of reported frauds in public companies ($200,000).(Based on a 2006 survey by the Association of Certified Fraud Examiners.)

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Can I learn about Internal Controls by Using ControlsDocLite^sm ?

We recommend the user gain an understanding of the Framework of Internal Controls before undertaking the documentation of internal controls. One source is the 2006 COSO Internal Controls over Financial Reporting – Guidance for Smaller Public Companies . Another is  Internal Controls: Guidance for Private, Government, and Nonprofit Entities, Wiley, 2007 by Lynford Graham. In addition, various training and orientation programs are available through the AICPA, State Societies of CPAs and Audit Firms.

However, ControlsDocLite^sm  has extensive help screens to assist the user in documenting controls and understanding the relationship and importance of each form to the overall documentation and controls assessment task.

Who Can View ControlsDoc^sm / ControlsDocLite^sm Copies?

Anyone provided with an archived copy can view the data and attachments associated with the application. The viewer will need to have compatible software to view attachments that are not part of the ControlsDoc^sm or ControlsDocLite^sm software, for example, files created by the user in Word, Excel or Visio.  However, to modify or edit the file, a user license is required.  This ability to only view the documentation preserves the integrity of the file. In addition, password protection available within the software can further enhance file security.

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I am a CPA (Auditing) firm. Does my client need a license to view ControlsDoc^sm / ControlsDocLite^sm?

ControlsDoc^sm allows the Auditor to create (archive) a read-only copy of  the controls documentation and assessment, and provide this directly to their client or regulators for their purposes, without an additional licensing charge.

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I am an Entity.  Does my Auditor need a license to view ControlsDoc^sm / ControlsDocLite^sm?

ControlsDoc^sm allows the entity to create (archive) a read-only copy of their controls documentation and assessment, and provide this directly to their auditor or regulators for their purposes, without an additional licensing charge.

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What types of engagements is ControlsDoc^sm suitable for?

ControlsDoc^sm provides a software solution that can be used by entities and/or by auditors to document and assess controls. While the software contains prompts and default s, it is "scalable" and can also be used when meeting minimum standards for documentation for non-public entities or for public company  reporting on the effectiveness of internal controls.  For smaller and simpler entities, ControlsDocLite^sm starts with fewer and simpler prompts, adding to user efficiencies.

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Is ControlsDoc^sm compatible with the COSO Framework?

Yes - ControlsDoc^sm  is based on the COSO framework, and includes prompts and defaults from the COSO guidance in 2006, which was targeted to smaller entities.
Included in each license for ControlsDoc^sm is a copy of that 2006 COSO report: Internal Controls over Financial Reporting: Guidance for Smaller Public Companies, which contains good guidance for all entities.  ControlsDoc^sm is flexible, and can be customized to different industries and business models.

ControlsDocLite^sm has similar roots and structure based on the COSO, but is tailored for smaller and simpler business entities.

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How does using ControlsDoc^sm help audit efficiency and effectiveness?

ControlsDoc^sm was developed with auditing requirements in mind. Companies and auditors are prompted to supply important information that will help both companies and auditors to meet specific audit requirements. For example, there is a special form for documenting your walkthroughs, and another form for documenting reliance on service organizations or outsourced activities - for meeting SAS 70 compliance.

A fraud risk form is available from anywhere in the application to help you identify and assign any fraud risks directly to controls or control areas, to help you meet SAS 99 and the Risk Assessment standards requirements.

The most efficient way to use ControlsDoc^sm is for auditors and clients to both be licensed to use the software. In that way, auditors can receive client documentation, and then perform and document their auditing procedures directly within the software, as an extension of the client documentation.

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How long will it take me to document internal controls for an entity?

There are many factors that affect the time and effort necessary to document internal controls. Some of the most important factors include:

• The scope of the project (reporting on internal controls versus limited to an assessment of controls design)
• Knowledge of the internal controls and processes in the entity
• Knowledge of the Internal Controls Framework (e.g., COSO Framework)
• Knowledge to the tools used in the documentation process (e.g., ControlsDoc)

 As a benchmark, in a smaller and simpler business with the limited objective to document controls over key accounts for design assessment only ( e.g., ControlsDocLite^sm), a budget might range from 6 to 8 hours to document and assess the controls. This assumes the user understands the controls the entity has in place, the COSO Framework and ControlsDoc.

Both products include internal help guidance and step by step training demos on the web to help the user quickly become familiar with the software.  Classroom and custom training are also available.

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For more information on multiple user pricing please call 1-888-777-7077.