
January 28, 2021
Documentation Overload: Internal Controls Over Financial Reporting
A survey of financial executives includes complaints of excessive documentation required by external auditors.Finance executives at large US companies are finding it increasingly difficult to document internal controls over financial reporting (ICFR) to the satisfaction of their internal and external auditors, according to a study recently published by the Financial Executives International’s research arm. Several of the most difficult controls to design, implement and operate are common in corporate treasury. Pain points. Controls around non-routine transactions—bond issuances, significant one-off payments…