Internal Control over Financial Reporting (ICFR)
Enhance Governance and Ensure Reliable Financial Disclosures
Overview
An Internal Control over Financial Reporting (ICFR) review is a critical process for any organization aiming for robust corporate governance and reliable financial statements. It involves assessing the design and operational effectiveness of internal controls that are specifically intended to prevent or detect material misstatements in a company's financial reporting. Our expert review provides assurance to management and the board that your financial disclosures are accurate, complete, and trustworthy.
Why is an ICFR Review Essential?
Strengthened Governance
Provides assurance to the board and audit committee on the state of internal controls.
Enhanced Reliability
Increases the accuracy and reliability of financial statements, boosting investor confidence.
Fraud Prevention
Identifies control weaknesses that could be exploited, helping to deter and detect fraud.
Risk Mitigation
Proactively identifies and addresses risks related to financial processes and reporting.
Improved Efficiency
Streamlines financial processes by identifying bottlenecks and redundant controls.
Audit Readiness
Prepares your organization for a smoother, more efficient external audit process.
Our Rigorous, Risk-Focused Approach
Scoping & Planning
We work with you to define the scope of the review based on your key financial reporting risks.
Control Documentation & Walkthroughs
We review existing process documentation and perform walkthroughs to understand the controls in practice.
Design & Effectiveness Testing
We test the design and operating effectiveness of key controls to identify any gaps or deficiencies.
Reporting & Remediation
We provide a comprehensive report with actionable recommendations and support you in developing remediation plans.