ICFR/ SOX Review and Reporting

Internal Controls over Financial Reporting (ICFR) is increasingly required to ensure accurate, reliable, and compliant financial reporting. Regulators such as CMA and SAMA expect strong controls, periodic testing, and effective remediation. A robust ICFR framework enhances transparency, reduces financial risks, strengthens audit readiness, and builds investor and stakeholder confidence.

Develop detailed Internal Financial Controls frameworks aligned with SOX, IFC, and global best practices, ensuring transparent, reliable, and compliant financial reporting.
Document comprehensive Risk and Control Matrices (RCMs) that capture risk statements, control objectives, control activities, frequency, ownership, evidence requirements, and testing methodologies.
Prepare process flowcharts, standard operating procedures, and narratives that detail end-to-end process flow, decision-making points, system touchpoints, and key risks.
Classify controls across entity-level controls, automated controls, manual controls, preventive and detective controls, as well as key and non-key controls.
Perform rigorous design and operating effectiveness testing through walkthroughs, sample-based validations, re-performance, inquiry, and evidence review, ensuring adherence to SOX/IFC compliance standards.
Identify control deficiencies including high-risk gaps, documentation inconsistencies, missing evidence, ineffective controls, and inadequate segregation of duties.
Prepare remediation plans that include control redesign, process re-engineering, automation opportunities, system enhancements, and training requirements.
Support CFO/CEO certification by preparing self-assessment dashboards, evidence management structures, and framework testing trackers.
Assist external auditors through coordination, documentation support, evidence compilation, and closure of audit queries.

ICFR Report to the Management

Submission of ICFR reports comprising control environment assessment and effectiveness of defined internal financial controls