Internal Control Over Financial Reporting and Internal Financial Control

Our services go beyond compliance, unlocking opportunities for business improvement through data analytics and process automation.

Internal controls are essential both from a business and regulatory perspective to ensure that the financial statements data reported are reasonably accurate and do not include any material misstatements. A strong control system reflects a company’s focus on integrity, ethical values, and commitment to providing reliable financial statements to its stakeholders. Furthermore, it allows senior management and corporate boards to have stronger oversight and confidence in transactions and events reported in the financial statements.

While internal control requirements such as ICOFR, SOX and IFC were initiated as compliance requirements, they have evolved and provided companies an opportunity to explore the possibilities of data analytics and process automation to gather deeper insights about their operations, financial strengths, and improvement opportunities. Companies have now started recognizing and viewing internal control activities as possibilities to improve the quality and efficiency of their business models, elevating them to achieve the best global practices.