Self Assessment vs. Independent Testers 2113

  • I am currently working at a new employer who is a non accelerated filer. We are currently completing our self-assessment for management’s assertion this year. Next year we will employee independent testers as well. Are people still requiring self assessment testing all 4 qtrs along with the independent testing? What are you seeing?
    Any thoughts/insites would be greatly appreciated.

  • We do not require quarterly self-assessment. We do require all in-scope areas to complete a quarterly questionnaire to disclose any changes to processes or controls so that we can have some assurance that changes are minor or update or testing plans.

  • Does this not depend on the methodology you intend to follow?
    If you are intending to undertake full indpendent testing and mirror the work undertaken by an external auditor then in my mind there is no need for self certification for your certification. BUT kymike is absolutely right, some form of internal reporting/monitoring to ensure that everything is kept up to date is advisable to avoid the risk of finding any last minute changes.
    If your independent testing is a sample test/QA of the certificates to confirm their validity then obviously you do.
    As for the frequency I do not know. For foreign issuers I would say there is no requirement for quarterly self certification anyway, with or without independent testing. For US companies though there were quarterly returns and this could assist with that but I leave that question to my peers in the US.

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