Elizabeth assisted the insurance brokerage entity of a regional bank to update its internal controls over financial reporting (ICFR) for its revenue recognition process as part of its ASC 606 adoption.

Elizabeth led a team that performed a revenue process risk assessment, assessed segregation of duties, and created risk and control matrices for all processes impacting revenue recognition. The team led multiple working sessions to understand and document the internal controls performed by the broker’s employees.

After documenting current state key controls, the team developed control recommendations for the future state process under ASC 606. The team also drafted process flowcharts and risk and control matrices for all relevant processes.

Note: This work was performed prior to joining Stout.