Regulatory compliancy tool

A computer-based system for evaluating effectiveness of internal controls of an entity's financial statement, the system utilizing a set of evaluation criteria and a hierarchical structure comprising at least a top level, an intermediate level, and a component level, the system comprising:

• a top level schedule comprising line items corresponding to line items in the financial statement, with financial data and ratings for each line item;
• an intermediate level schedule comprising one or more sub-items corresponding to the line items of the top level, with financial data and ratings for each sub-item;
• a component level schedule comprising one or more components corresponding to each sub-item of the intermediate level, with financial data and ratings for each component;
• a risk ratings document for entering ratings against at least a portion of the evaluation criteria for a set of predefined risks;
• a component ratings document for entering ratings against at least a portion of the evaluation criteria for a predefined set of components;
• and
• a module for consolidating the ratings and financial data from the component level to generate ratings and financial data for the intermediate level, the consolidated ratings from the component level being provided as proposed ratings at the intermediate level, and for consolidating the ratings and financial data from the intermediate level to generate ratings and financial data for the top level, the consolidated ratings from the intermediate level being provided as proposed ratings at the top level.