The principal objective of this audit work program is to assist department management in analyzing the effectiveness of the internal control structure over financial reporting for the financial reporting cycle at a bank. The internal control structure at the cycle level consists of the management control structure (MCS) and the business process controls implemented in the transaction cycle.

This tool suggests an approach to evaluate the MCS within the cycle. The following MCS components are addressed: assess external and internal risks, establish the control environment, and provide reliable and relevant information/support communication processes.