ICFR for Listed Companies

Internal Control over Financial Reporting (ICFR) for Listed CompaniesInternal controls that meet international standardsFrom Design to Implementation

Service Overview

What the ICFR Is

This is a key internal-control system that protects a company’s assets, prevents fraud, minimises errors and strengthens the reliability of management reporting.

Why It Matters Now

For listed companies, an internal controls framework is mandatory. International Standards of Auditing require auditors to review effectiveness of such IC systems. This means, companies cannot merely treat this as a documentation exercise. An ineffective ICFR will negatively affect the audit opinion.

Our Principles

Operating Principles

ICFR Operating Principles

We approach a listed company’s Internal Control over Financial Reporting (ICFR) system as an operating framework that strengthens the reliability of financial reporting, not merely a matter of regulatory compliance. From the design stage we analyze the company’s characteristics and business processes to build control activities that work in actual operations. We also periodically review effectiveness during operation and remediate deficiencies in a timely manner so that the company is prepared for audits. Beyond formal documentation, we help internal-control capabilities take root within the organization.

Key Services

Who This Service Is For

Listed companies that need to build and operate ICFR
Companies seeking to respond effectively to an ICFR audit
Companies needing substantive improvement and efficiency gains in an existing system
Companies needing regulatory compliance and risk management related to the system

Services Provided

Support for designing and building ICFR (based on the COSO framework)
Operating-effectiveness assessment of the system and improvement recommendations
Support for responding to the system audit (auditor Q&A, materials preparation, etc.)
Inspection of key business processes and IT general controls (ITGC)
Training and manual development related to the system
Proposals to improve the operating efficiency of the system

We approach the entire audit cycle from an integrated perspective and work with you to build a financial reporting framework your stakeholders trust.