Internal Control Report
/ˌɪntərnl kənˈtroʊl rɪˈpɔrt/
Definitions
- (n.) A formal document issued by management or auditors that assesses the effectiveness of an entity's internal controls over financial reporting.
The company submitted its internal control report to the securities regulator as required by law.
Forms
- internal control report
- internal control reports
Related terms
See also
Commentary
Typically required under regulatory frameworks like the Sarbanes-Oxley Act, an internal control report aids in transparency and accountability by demonstrating how an entity manages risks related to financial statements.
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