ICoFR
Internal Control over Financial Reporting
Designing, documenting and assessing the controls that support reliable financial statements.
The service
What it is
Internal Control over Financial Reporting (ICoFR) covers the controls that give management confidence that the numbers in the financial statements are complete and accurate. We help you identify financial reporting risks, document processes and controls, and test whether those controls are designed and operating as intended. ICoFR work supports management’s own assessment; it is not an external audit opinion or statutory assurance.
Business problems
When this helps
- The company is preparing for an IPO, a group reporting requirement or a regulator
- External audit findings keep repeating
- Closing relies on a few people and undocumented steps
- A parent company requires a formal control framework
Activities
Selected according to your needs
- Financial reporting risk assessment and scoping
- Business process mapping and control documentation
- Risk and Control Matrix (RCM) development
- Test of control design
- Operating effectiveness testing
- Gap analysis and remediation planning
Possible outputs
Depending on the agreed scope
- Process narratives or flowcharts
- Risk and Control Matrix
- Control testing documentation
- Control gap report and remediation plan
Who it suits
Typical situations
- Subsidiaries of listed or multinational groups
- Companies preparing for listing or new reporting obligations
- Finance teams strengthening their closing and reporting process
Team experience
Our team has led ICoFR projects for a consumer goods manufacturer subject to K-SOX and for one of the largest banks in Indonesia.
Discuss ICoFR
Tell us about your organization and what you want to achieve. We will propose a scope and approach.