Internal control over financial reporting (ICFR) series #2: Refocus your management review control lens
Uncover ICFR insights and guidance: In response to increased regulatory focus, our ICFR series explores the benefits of a proactive versus reactive system for internal controls to help your organization improve its ICFR program—and save costs along the way.
Sarbanes-Oxley (SOX) is turning 16 this upcoming July. Will it be cause for celebration? Only if some changes are made. Part two of our series, will explore using management review controls (MRCs) to address these current SOX Act hitches:
- High compliance costs
- Outdated ICFR programs
- A continued focus on ICFR by regulators
MRCs are the reviews conducted by management of estimates and other kinds of information for accuracy. At the core, providing management with insights on key success factors, common challenges, and examples of modernizing and renewing ICFR programs is critical. It will create a roadmap for increasing financial reporting reliability while decreasing compliance costs.
Read the report to learn more about MRCs, tools and techniques, and why having the right people in place is critical. It’s time to refocus your internal control lens. MRCs can be the success story for the upcoming year.
This publication was released by our US firm.
