Internal Control Over Financial Reporting: Understanding the Context and Implementation of ICFR
In today’s dynamic business environment, having strong financial reporting systems is essential. It is in recognizing this that regulators like the Securities and Exchange Commission (SEC) and the Financial Reporting Council (FRC) now require entities under their oversight to conduct annual assessments of their Internal Control over Financial Reporting (ICFR) function. This measure ensures the accuracy and reliability of financial statements, enhances transparency, and helps prevent fraud. For “public interest entities” (PIEs), this requirement takes effect from the 2024 Financial Year End.
To provide insights on this, we have followed up our earlier advisory by publishing an article in the Monday, September 23, 2024 edition of Business Day. The article covers key aspects of ICFR, its role in corporate governance, and the benefits it brings to business integrity.
You can access the full publication by clicking here.
