Internal Control over Financial Reporting (ICFR)

Internal Control over Financial Reporting (ICFR) refers to the processes and procedures that a company implements to ensure the accuracy, reliability, and integrity of its financial statements. These controls help prevent errors and detect fraud, ensuring that financial reports are prepared in accordance with accounting standards. Effective ICFR involves things like regular audits, checks, and safeguards that allow management to confidently present truthful financial information to stakeholders, regulators, and the public. It’s a crucial framework that supports transparency, accountability, and trust in a company's financial disclosures.