United States

CAQ Guide to Internal Control Over Financial Reporting


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