Internal Control Over Financial Reporting (ICFR)

    Assuring the accuracy of your financial records

    Promoting governance through proficient financial reporting

    • Given the heightened regulatory attention, our series on Internal Control over Financial Reporting (ICFR or ICOFR) compliance delves into the advantages of a proactive approach in managing internal controls. This aims to assist your organization in enhancing its ICFR program and increasing cost savings in the process. An efficient Internal Control framework ensures orderly and efficient conduct of business. We at MBG can support you by developing a proper system of internal controls considering necessary regulatory aspects and COSO’s Framework (control ecosystem, risk assessment, control activities, information & communication and monitoring activities) to safeguard your interests by detecting possible risks of fraud and mapping out risks throughout the value chain.
    • Our team of experts can help you verify the accuracy and completeness of your accounting records, and thereby achieve the timely preparation of reliable financial information

    What are the regulatory implications of ICFR in Middle East?

    • 2016 – Qatar
      Qatar Financial Markets Authority (QMFA): Article 8 of Governance code for companies and legal entities listed on the main market.
    • 2016 – UAE
      Securities and Commodities Authority (SCA): Article 50 of Resolution No. (7 R.M) of 2016.
    • 2017 – UAE
      Abu Dhabi Accountability Authority (ADAA): Article 4 of ADAA Resolution 1 of 2017.
    • 2019 – UAE
      Central Bank United Arab Emirate (CBUAE): UAE’s Insurance Authority (IA) Circular no. 21 of 2019.

    How does ICFR compliance help your business?

    • Improve the quality of financial reporting and compliance.
    • Assurance that financial statements fairly reflect all financial transactions.
    • Annual/period closure and finalization controls (Controls on preparation of financial statements).
    • Enhance the operating model of companies to ensure efficiency.
    • Assurance that transactions are carried out in accordance with delegated authorities.
    • Assurance that financial resources are safeguarded against material loss due to waste.
    • Mismanagement, errors, fraud, omissions and other irregularities.

    How can MBG help you?

    MBG can assist your business in:

    • Improving business governance culture by developing an entity-specific ICFR framework based on financial reporting standards and leading control practices.
    • Identifying and mitigating risks by assessing company operations and providing a value-centric mechanism to identify process universe, reporting risks, and their mapping with financial statements.
    • Strengthening control design by leveraging from various walk-through, data analytics, and control dynamic techniques to assess the design adequacy of existing controls related to financial reporting.
    • Upgrading internal practices by re-engineering existing processes and introducing leading digital practices to strengthen control design.
    • Gaining assurance on the effectiveness of their internal controls by deploying various data-driven sampling methodologies to select the right value-centric approach to get wider insights and assurance on the target population, and by using a mix of data analytics and conventional testing techniques to ensure that transactions executed during the period comply with financial reporting requirements.
    • Maintaining effective documentation and representation throughout the ICFR life cycle by identifying clear roles, timelines, templates, etc. requirements.

    Overall, MBG can help businesses to improve their governance, risk management, and financial reporting. This can lead to a number of benefits, including:

    • Reduced risk of fraud and errors
    • Improved financial performance
    • Increased investor confidence
    • Enhanced regulatory compliance

    Our Services

    1. Risk register

    At MBG, our specialized Risk Register services are carefully crafted to enhance your organization’s financial resilience. We methodically identify potential risks, ranging from errors to regulatory non-compliance, and devise proactive mitigation strategies. With our support, you can navigate uncertainties with confidence, ensuring the integrity of your financial reporting processes.

    Key feature

    • Risk Identification
    • Assessment & Prioritization
    • Mitigation Strategies
    • Regular Review
    • Compliance Tracking

    Why Choose MBG?

    • AI-Powered Risk Assessment
    • Interactive Risk Visualization
    • Adaptive Risk Scenarios
    • Predictive Risk Modeling
    • Actionable Risk Insights
    1. Risk Control Matrix

    At MBG, our Risk Control Matrix (RCM) service involves a thorough assessment of your organization’s risk landscape. We identify potential risks specific to your industry and operations, then develop a detailed matrix that aligns each risk with corresponding control measures. Our approach integrates advanced predictive analytics and industry-specific expertise to deliver customized RCM solutions, empowering you to proactively manage risks and safeguard your financial integrity.

    Key feature

    • Risk Profiling
    • Automated Risk Assessment
    • Dynamic Risk Mapping
    • Real-time Data Integration
    • Customizable Control Frameworks
    • Advanced Analytics Integration

    Why Choose MBG?

    • AI-driven Risk Analysis
    • Tailored Risk Scoring Methodologies
    • Integrated Real-time Dashboard with Advanced Analytics
    • Predictive Modeling for Risk Trends
    • Interactive Simulation for Scenario Analysis
    1. Financial controls

    Financial control in ICFR ensures accuracy, reliability, and compliance in financial reporting processes. MBG offers comprehensive financial control services, utilizing advanced technology and expertise to implement robust control frameworks. Through careful assessment, tailored solutions, and real-time monitoring, we strengthen your organization’s financial integrity, ensuring regulatory compliance and mitigating risks effectively.

    Key feature

    • Automated Compliance Checks
    • Precision Audit Trail
    • Risk Remediation Algorithms
    • Real-time Surveillance

    Why Choose MBG?

    • AI-Enhanced Compliance Algorithms
    • Dynamic Fraud Detection Systems
    • Advanced Anomaly Detection Techniques
    • Customized Control Automation Solutions
    • Real-time Financial Risk Alerts

    Reach out today to discover how our ICOFR services can transform your financial horizon

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    Internal Audit

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    Account Reconciliation

    Accounting Review Services

    Forensic Investigation and Review

    Enterprise Risk Management

    Business Health Check

    Physical Verification Services

    Revenue Assurance Services

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    What can we help you achieve?

    Stay one step ahead in a rapidly changing world and build a sustainable future with us.

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