INTERNAL CONTROLS OVER FINANCIAL REPORTING

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INTERNAL CONTROLS OVER
FINANCIAL REPORTING
Many stakeholders acknowledge that it’s not just the accuracy of the numbers that is
important; now, organizations also must prove their internal controls in the financial
reporting process are effective. Evaluating ICOFR begins with a clear definition of internal
controls, and the COSO definition (Committee of Sponsoring Organizations) is the most
widely-used definition in the world. COSO has been written into the ICOFR regulations in
many countries as the model, or framework, of internal controls you must use. To comply
with ICOFR regulations, an organization must understand the financial reporting process,
the COSO internal control framework, how to identify the most important financial
reporting risks, and how to test both the manual and automated financial reporting
controls to be sure they work on a continuing basis.
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Understand and apply a structured and systematic approach to ICOFR
Identify the roles and responsibilities of the participants in the ICOFR process
Implement an ICOFR program
Prepare a documented and supported Statement of Assurance on ICOFR
Coordinate ICOFR requirements with performance and accountability
reporting and other related requirements
Management, Finance & Accounting Staff and potential ICOFR project team
leaders from the organizations that are required to report on ICOFR
Module 1: Introduction To ICOFR
Module 2: The COSO Framework
Module 3: Other Frameworks & Guidelines
Module 4: Plan & Scope The Evaluation
Module 5: Document Controls
Module 6: Evaluate Design and Operating Effectiveness
Module 7: Identify and correct deficiencies
Module 8: Report On Internal Control
If you have any enquiries, please contact
+60 (3) 56213630 or
email: [email protected]
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