Guide to Internal Control Over Financial Reporting

By Randi Morrison posted 05-15-2019 03:44 PM

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The CAQ's updated "Guide to Internal Control Over Financial Reporting" provides an instructive high-level overview of ICFR with non-technical explanations of all of the key concepts including reasonable assurance, the control environment, control activities (e.g., segregation of duties, ITGCs, entity-level and process-level controls, preventive & detective controls), and ICFR deficiencies. The guide also explains the roles and responsibilities of management to implement effective ICFR, the audit committee to oversee ICFR, and the independent auditor to audit the effectiveness of the company’s ICFR.

First released in 2013 (2013 edition here), the guide is a great resource for those who are not yet familiar with the key concepts, and is appropriate for all levels including mid-level and upper management, as well as incoming audit committee members and other directors. This post first appeared in the weekly Society Alert!

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