What is the primary benefit of implementing a control self-assessment?

Implementing a control self-assessment primarily strengthens management's ownership of internal controls. When an organization engages in control self-assessment, it empowers management to actively evaluate and improve their internal control systems. This process fosters a culture of accountability, as management becomes directly involved in assessing the effectiveness of controls relevant to their operations.

By participating in this assessment, management is better positioned to understand the strengths and weaknesses of their internal controls. It encourages them to take responsibility for identifying issues and implementing corrective actions. This ownership ultimately leads to a more robust control environment, as management is more likely to commit resources and attention to internal controls they have assessed themselves.

While reducing audit costs, enhancing fraud detection, or allowing auditors to take a consultative approach are relevant considerations, they are secondary outcomes that may be associated with control self-assessments. The primary focus remains on bolstering management's active involvement and accountability in managing internal controls effectively.