Internal Control over Financial Reporting (ICFR)
In the realm of ICFR we adopt a tried and tested methodology which starts with:
In Stage1 of our detailed approach, we:
In Stage 2, we use the overall Account Rank and Risk Factor ratings to identify the assertions, which are classified into Existence, Occurrence, Valuation or Measurement, Completeness, Rights & Obligations and Presentation & Disclosure.
In Stage 3, the key and significant accounts identified as part of Stage 1 are mapped against Assertions & Controls. Discussions and Meetings with individual Entity Finance Managers are conducted to document and map the controls and processes against the Risk Assertions. Weaknesses in Design of Control and Operational Efficiency are identified and communicated to the Management with recommendations to improve controls / processes.