Effective Date Usage 
The Process Control and Risk Management entities linked within Internal Audit Management (IAM) are time dependent. You can add only those entities which are valid for the effective date that has been selected.
Audit Universe
The Effective Date indicated on the Related Entities table of the auditable entity is used to add entities such as organizations,
risks, and processes that occur within the effective date indicated.
The Effective Date can also be used to view the Related Entities data in a different time frame by changing the effective date.
Audit Proposal
The Effective Date indicated on the Subprocess/Control tab of the audit proposal is used to add subprocesses and
controls that occur within the effective date indicated.
The Effective Date can also be used to view the Subprocess/Control data in a different time frame by changing the effective date.
See Master Data Flow for more information about subprocess and control creation through Process Control Master Data.