5 Key ICFR Audit Challenges & How ASC Group Solves Them
Introduction In the current regulatory environment, companies need to maintain financial transparency and adherence to internal controls over financial reporting (ICFR). The ICFR Audit plays a vital role in assessing the financial reporting process of a company, determining risks, and verifying the accuracy of financial statements. Nevertheless, numerous companies encounter substantial difficulties while performing an ICFR Audit in India because of intricate regulatory needs, poor documentation, and changing compliance standards. This blog covers five major hurdles companies encounter through an ICFR Audit and how ASC Group offers professional solutions to assist enterprises in overcoming the obstacles effectively. What is ICFR Audit & Why is It Important? Internal Controls over Financial Reporting (ICFR) are the procedures followed by a company to provide assurance of the accuracy and reliability of financial reporting. An ICFR Audit assesses these controls ...