Managing Your Testing Phase: Management Testing and Certifying Controls - Governance, Risk, and Compliance Topic for Oracle Applications - page 197

The following options are available to certify assessments:
• I agree with this statement : The delegate completing the certification agrees
that the information in the assessment is accurate
• I agree with this statement with the noted exception : The delegate
completing the certification agrees that the information in the assessment is
accurate with noted exceptions
• I do not agree with this statement : The delegate completing the certification
does not agree that the information in the assessment is accurate
• No Opinion : The delegate completing the certification either cannot or
chooses not to make a statement regarding the assessment
The following options are available to reviewer for documentation update
assessments:
• Complete : The required documentation is complete
• No Action : The documentation is sufficient and no additional action
is required
Closing an assessment
Only the assessment owner can close an assessment. In most cases, this happens
either when the due date is reached or when all of the individual assessments
within the initiated assessment batch are completed.
Summary
In this chapter, we have described the management testing process, approach, and
automation. Management testing is a key component of the governance, risk and
compliance programs at many organizations. Management testing can improve
audit plan effectiveness, make regulatory compliance more sustainable, and align
Enterprise Risk Management with strategic objectives. Managers of a process and
related controls can be included in developing the scope of the annual audit plan
by asking them to assess the risks and evaluate the internal controls based on their
deep knowledge of risks and controls. Employees can be interviewed and surveyed
to support many aspects of growing regulatory compliance requirements, such as
Sarbanes-Oxley, by asking them to share their perception of management's behavior
and attitudes towards company level controls such as tone at the top and code of
conduct. Management testing can also help identify risks and provide reasonable
assurance that an entity is able to meet its business and financial reporting objectives
under an Enterprise Risk Management (ERM) framework.