Understanding Internal Control over Financial Reporting(ICFR)

Understanding Internal Control over Financial Reporting(ICFR)
A business can guarantee the accuracy, dependability, and integrity of its financial statements and reports by implementing an organized framework of policies, procedures, and practices known as internal control over financial reporting, or ICFR. With the goal of protecting a company’s financial data from mistakes, fraud, or other abnormalities, ICFR is an essential part of corporate governance and financial management.
To put it simply, internal control over financial reporting (ICFR) is a system of internal checks and balances that are intended to avoid, identify, and address financial irregularities and guarantee that a company’s reported financial information is accurate.