The present invention provides a computer-implemented method and system for assessing internal controls. The method includes: presenting internal control items; processing an input set associated with at least some of the internal control items; and (c) generating a set of assessment information based on the processed input set. The method may further include one or more of: (d) prior to presenting, automatically grouping and presenting a subset of the plurality of internal financial control items based on a user input related to an assessment of risk; (e) prior to presenting, automatically presenting a previously identified risk associated with one or both of an audit area and a transaction class associated with a subset of the plurality of internal financial control items; (g) receiving a user test input designating an internal financial control item for testing and presenting a set of test procedures associated with the designated internal financial control item; (h) documenting assessments with the set of test procedures; and (i) receiving from a user a plurality of inputs representing user assessment of the effectiveness of internal financial control items and presenting a summary of the effectiveness assessments.