United States

CAQ Guide to Internal Control Over Financial Reporting

FINANCIAL REPORTING INSIGHTS  | 

The Center for Audit Quality (CAQ) recently updated its Guide to Internal Control Over Financial Reporting. This guide provides for the general public a high-level overview of internal control over financial reporting (ICFR), briefly explaining, among other matters:

  • The statutory internal accounting control requirement
  • Key ICFR concepts, including:
    • A summary of the COSO Internal Control – Integrated Framework’s five integrated components of internal control
    • The concept of reasonable assurance
    • Controls and service organizations
    • The hierarchy of ICFR deficiencies
  •  ICFR roles and responsibilities for management, audit committees and independent auditors
  • What ICFR means for companies, investors and markets