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Internal control resources

Find out more about internal control with our range of articles, books and online resources providing quick links to guidance, updates and commentary.

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ICAEW articles and features

Exclusive Reminders for auditors on the UK Corporate Governance Code
  • Article
  • 14 Nov 2024
Auditors of companies that need to follow the Code and others that choose to adopt it will need to prepare for coming changes.
New Internal Audit Code to strengthen corporate governance
  • Article
  • 11 Sep 2024
Enhanced Chartered Institute of Internal Auditors Code of Practice aims to tackle emerging risks, bolster business resilience and support economic stability.
Attesting time for financial services
  • Article
  • 28 Jun 2024
The new Corporate Governance Code attestation requirement on banks and insurers shines a spotlight on their internal controls. ICAEW’s Financial Services Faculty explains some of the practical implications
Climate assurance: recognising its importance
  • Article
  • 06 Jun 2024
Boards need to ensure sufficient resources are dedicated to addressing climate change risks and that there is transparency around the company’s commitments.
How business should approach fraud risk
  • Article
  • 02 Apr 2024
Fraud volumes and values are rising annually. But new rules and governance regulations hope to help prevent business fraud before it happens and detect it when it does.
We need audit reform from our next government
  • Article
  • 28 Mar 2024
ICAEW has given evidence to the Business and Trade Committee on the challenges of audit and corporate governance reform. Iain Wright, ICAEW’s Managing Director, Reputation and Influence, explains what’s needed.
Updated internal audit code to boost corporate governance
  • Article
  • 26 Mar 2024
Revised Internal Audit Code of Practice aims to empower internal audit by acting as a practical guide to supporting board disclosure on risk management and internal control frameworks.
FRC updates Governance Code
  • Article
  • 22 Jan 2024
The 2024 Corporate Governance Code features minimal changes, mostly relating to risk and internal controls.

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.
Risk assessment internal control and response
  • Hub page
  • Nov 2019
Key requirements and practical support for auditors to help them understand and deal with challenges.

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 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 Internal controls: treasury process
  • eBook chapter
  • 2019
  • Christine H. Doxey
  • Wiley
  • Internal Controls Toolkit
A set of internal control standards for the treasury process, which is concerned with matters such as business cash flow, investment management, foreign exchange management, and the payment of dividends.
Exclusive Environmental, health, and safety (EH&S)
  • eBook chapter
  • 2019
  • Christine H. Doxey
  • Wiley
  • Internal Controls Toolkit
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 Audits, accounts and financial statements
  • eBook chapter
  • 2017
  • ICSA Publishing
  • ICSA Publishing
  • The ICSA Corporate Governance Handbook
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
  • The ICSA Corporate Governance Handbook
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 Effective internal control and risk management
  • eBook chapter
  • 2017
  • ICSA Publishing
  • ICSA Publishing
  • The ICSA Corporate Governance Handbook
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 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

You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full 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
  • Article
  • 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 The five hats of the CFO
  • Article
  • 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)
  • Article
  • 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.
Exclusive Small companies avoid internal control attestations by taking on debt
  • Article
  • Apr 2020
  • Michael Cohn
Article reports on a study that shows that many smaller public companies companies have avoided the Sarbanes-Oxley requirement for auditor attestations of their internal controls audits by incurring debt instead of selling stock.
Exclusive Do companies with effective internal controls over financial reporting benefit from Sarbanes–Oxley sections 302 and 404?
  • Article
  • Apr 2018
  • Parveeb P Gupta, Heibatollah Sami, Haiyan Zhou
In this article, the authors attempt to empirically examine and document the impact disclosing material control weaknesses or the consequences flowing to public companies from such disclosures have on information asymmetry and related market micro-structure to promote ‘‘equity’’ in U.S. capital markets post Sarbanes-Oxley.
Exclusive Report refutes Sarbanes-Oxley critics: Strong evidence exists of a link between auditor-identified weak internal controls and subsequent fraud cases
  • Article
  • Oct 2017
  • David McCann
The article focuses on a study published in the "Auditing: A Journal of Practice & Theory" periodical over relationship between material weaknesses and company fraud.
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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.

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