ICFR (Internal Control over Financial Reporting)

Internal Control over Financial Reporting (ICFR) refers to a company's processes and procedures designed to ensure the accuracy, reliability, and integrity of its financial statements. It involves safeguarding assets, preventing and detecting errors or fraud, and making sure financial data is recorded properly. Effective ICFR helps management and stakeholders trust that the financial information presented is complete and accurate, supporting informed decision-making and compliance with regulations. Overall, it’s a systematic approach to maintaining trustworthy financial reporting within an organization.