This Internal Control over Financial Reporting (ICFR) Library includes the following entity and activity level Templates:
- Baseline Controls in Small Entities
- Entity Level Controls (Tone at the Top)
- Financial Statement Close and Reporting
- General Control Activities over Technology (ITGC)
- Information Technology Application Controls (ITAC)
- Systems Development Life Cycle (SDLC)
- Purchases Cycle (Procure-to-Pay)
- Revenue Cycle (Order-to-Cash)
- Payroll Cycle
- Inventory Cycle
- Treasury and Investments Cycle
- Commitment and Contingencies
- Taxes, and
- Shareholders' Equity
The ICFR library is derived from the mandates of the Sarbanes-Oxley Act Section 404: Management Assessment of Internal Controls. The globally recognized COSO Internal Control-Integrated Framework provides additional guidance. Functional equivalent Frameworks have been developed and implemented globally.
The ICFR Library provides a set of editable smart templates. They represent the core of what regulatory and corporate mandates generally require to document, assess, test, report, and oversee the design and operating effectiveness of the key internal controls on which management relies to prevent and detect material misstatement and fraud.
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