Internal Financial Controls Awareness Session
Standard on Auditing (SA) 315 “Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment” defines Internal Control as follows:
The process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, safeguarding of assets, and compliance with applicable laws and regulations. The term “controls” refers to any aspects of one or more of the components of internal control.” (ICAI Guidance Note on ICFR)