Internal control

ICAEW resources

Internal controls reporting: sketching out the options

Thought leadership report
Jun 2020

What might a future framework for reporting on internal control over financial reporting (ICFR) look like? This essay from the Audit and Assurance Faculty examines various reporting frameworks, including COSO and the UK Code, as well as how these fit in with Sir Donald Brydon’s recommendations.

Internal control effectiveness: who needs to know?

Thought leadership report
Aug 2019

Reporting on the effectiveness of controls over financial reporting features prominently in the current reviews of UK audit and regulation. This essay explores the current position in the UK, compares it with what happens in the USA and elsewhere in the world, and sets out the case for change and potential options.

eBooks

The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.

Exclusive Non-financial risk management in the financial industry

eBook
2022
Norbert Gittfried [and others]
Frankfurt School Verlag

Intended as a guide to establish a target operating model for non-financial risk management, primarily for the financial industry, and covers the entire risk management lifecycle. Includes a definition of non-financial risk, risk appetite frameworks, risk governance, top-down non-financial risk assessments, internal control frameworks, data and IT governance as well as conduct and ethics.

Exclusive Forensic Analytics: Methods and Techniques for Forensic Accounting Investigations

eBook
2020
Mark J. Nigrini
Wiley

This book outlines a framework for and a systematic series of audit data analytics tests that should function well as a starting set of detective controls. The tests are not based on complicated statistics and should be quite easy to understand for anyone that has done well in a handful of accounting courses.

Exclusive Internal controls toolkit

eBook
2019
Christine H. Doxey
Wiley

This toolkit provides a series of standards of internal control and the risks they mitigate for all enterprise-wide operations.

Exclusive Environmental, health, and safety (EH&S)

eBook chapter
2019
Christine H. Doxey
Wiley

A standard of internal control for environmental, health, and safety (EH&S). It covers the kinds of steps that organisations must take in order to ensure that their activities do not cause harm, and adhere to regulatory requirements.

Exclusive Effective internal control and risk management

eBook chapter
2017
ICSA Publishing
ICSA Publishing

Chapter 10 discusses risk management and business objectives, risk management and organisational culture, the boards responsibility for internal control and risk management, the audit/risk committee and the internal audit function.

Exclusive Audits, accounts and financial statements

eBook chapter
2017
ICSA Publishing
ICSA Publishing

Chapter 7 gives details of the purpose of audit and the auditor's duty of care. The role of the audit committee is dealt with in detail, including audit tendering and internal control and risk management.

Exclusive Narrative reporting

eBook chapter
2017
ICSA Publishing
ICSA Publishing

Chapter 8 looks at narrative reporting, giving an overview, the requirements of the UK Corporate Governance Code and detailing the strategic report, the directors report, the corporate governance statement, the statement on risk management and internal control, remuneration reporting and gender pay gap reporting.

Exclusive Internal control and risk management

eBook chapter
2016
Brian Coyle
ICSA Publishing

An essential source of reference and route map for the position of Non-executive director. Contains case studies and checklists throughout. Chapter 9 of the handbook covers Internal control and risk management and includes a Model terms of reference for an audit committee: internal control, risk management and internal audit

Terms of use

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Online articles

The ICAEW Library & Information Service provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Exclusive Ethical failure led to the FTX scandal

01 Jan 2024
Daniel Butcher

Analyzing aspects of the cryptocurrency exchange FTX's fraud and money laundering scandal highlights the importance of ethics, corporate governance, and internal controls, says Daniel Butcher. Some of the failures at the company included unreliable financial statements, mishandling of confidential data, diversion of corporate funds, poor or no recordkeeping and a lack of control of company cash.

Exclusive COSO issues guidance on internal control over sustainability reporting

01 Jun 2023
Dan Goelzer

An update on the publication of guidance by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) on applying its internal control framework to sustainability reporting. It explains how the 17 principles in COSO's framework can be applied to sustainability reporting, emphasizing the importance of effective internal control over sustainability-related matters and the need for audit committees to ensure appropriate controls are in place.

Exclusive Do internal controls stifle corporate innovation?

01 Feb 2023
Brian Miller, Amy Sheneman, Brian Williams

Internal controls are often thought of as bureaucratic hurdles that stifle creativity, but better control systems just might be a key to greater innovation, say the authors. Their research suggests that the improved information environment from higher-quality internal controls can help companies identify and patent their most innovative ideas.

Exclusive An internal controls mindset for Excel

01 Jul 2022
Nishani Edirisinghe Vincent

With finance professionals’ continued reliance on Excel for everything from analyzing data to producing reports, management must be sure to impose internal controls. The article includes a sample documentation sheet for an Excel workbook.

Exclusive The five hats of the CFO

01 Oct 2021
Frank Manzi, Mark Martinelli

CFOs must wear many 'hats' in order to meet their many responsibilities: financial steward, communicator of financial results, leader of financial planning and analysis, driver of internal controls and process improvements, and strategist.

Exclusive The undoing of Sox 404(b)

01 Jun 2020
Ramona Dzinkowski

The article discusses the changes introduced by the U.S. Securities and Exchange Commission to the Section 404 (b) of the Sarbanes-Oxley Act, a law consisting of auditing and financial regulations for public companies in the U.S.

Articles and books in the ICAEW Library collection

The collection of the ICAEW Library & Information Service includes a collection of articles, books and model documents that can support your work. Use the links below to see what we have available to request in our Library catalogue (Libcat).

Operational risk management in financial services: a practical guide to establishing effective solutions

Library book
2022
E.Pykhova
Kogan Page

This practical guide includes appendixes containing an operational risk champion role description, example operational risk event reporting template, ORA template and table of 50 key risk indicators.

Accounting essentials for hospitality managers

Library book
2022
C.Guilding
Routledge

Aimed at non-accountant hospitality managers, this book provides a comprehensive overview of the most relevant accounting techniques and information for hospitality managers. Topics include: analysing transactions and preparing year-end financial statements; financial statement analysis; internal control; cost management issues; budgeting and responsibility accounting; flexible budgeting and variance analysis; performance measurement; cost information and pricing; working capital management; investment decision-making and revenue management.

The good governance guide to risk

Library book
2021
S.Ashby
CGI Publishing

The book offers complete coverage of this dense, wide-ranging topic and will make sure that the reader can manage and control risk effectively.

Find more books and articles

Useful links

Audit, risk and internal control

Website
Financial Reporting Council

The FRC published the revised Guidance for board effectiveness in July 2018. Section 4 Audit, risk and internal control looks at the audit committee's (or risk committee's if separate) responsibility in this area.

Blockchain and internal control

Website
Committee of Sponsoring Organizations of the Treadway Commission

This paper provides perspectives for using the 2013 COSO Framework to evaluate risks related to the use of blockchain in the context of financial reporting and to design and implement controls to address such risks. It is intended to help inform decisions regarding oversight, risks, and internal control over financial reporting (ICFR).

Corporate Governance Practices in Islamic Banks 2017

Website
World Bank Group/CIBAFI

A joint World Bank Group and CIBAFI publication analysing current corporate governance practices within the Islamic banking industry. Using information from 77 Islamic banks, the report focuses on six corporate governance themes: the Board of Directors; Board Committees; Internal Control and External Audit; Risk Governance; Shariah Governance and Transparency and Disclosure.

Corporate Governance Review

Website
Grant Thornton

Grant Thornton's review of the annual reports of 252 of the UK’s FTSE 350 companies. The section on audit committees looks at how successfully the reports cover significant financial statement issues, auditor tenure and independence, audit fees and risk and internal control disclosures.

FRC Guidance on Board Effectiveness

Website
Financial Reporting Council

Guidance on risk management, internal control and related financial and business reporting

Website
Financial Reporting Council

This guidance, from September 2014 integrates and replaces the FRC's Internal Control: Guidance to Directors and Going Concern and Liquidity Risk: Guidance for Directors of UK Companies. It links the guidance on internal control (Formerly known as the 'Turnbull guidance') with emerging good practice for risk management following the FRC's Board and Risk report and final recommendations of the Sharman Panel of Inquiry into Going Concern and Liquidity Risk.

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