Internal Control Over Financial Reporting Audit

Internal Control over Financial Reporting (ICFR) is vital for ensuring the accuracy, reliability, and transparency of your financial statements. This process assesses the effectiveness of your internal controls in preventing material misstatements, errors, or fraud in financial reporting, aligning with both local and international regulatory standards.

Stransact’s ICFR services are tailored to evaluate the strength of your financial reporting controls, particularly under Nigerian regulations, which require Public Interest Entities (PIEs) to have robust internal controls. According to the Financial Reporting Council of Nigeria (FRCN) and the Nigerian Code of Corporate Governance, entities that are classified as PIEs, such as listed companies, banks, and insurance firms, are obligated to maintain and regularly assess their ICFR frameworks to ensure compliance and prevent financial misreporting.

Through our testing, we help you identify weaknesses in your financial reporting controls, ensuring that your organisation meets the regulatory requirements for ICFR under Nigerian law. With Stransact, you can be confident that your internal controls over financial reporting are effective, compliant with Nigerian regulations, and designed to safeguard your organisation’s financial integrity.