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.
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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
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
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
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.
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
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.
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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