PwC ICFR Benchmark 2019
How effective and future proof is your internal control over financial reporting (ICFR)? And, how are your peers managing their internal control frameworks?
Immediate feedback on the overall maturity of your ICFR
The final ICFR benchmark survey report
A free no obligation meeting to discuss your responses
The survey aims to provide valuable insight into what characterises the most efficient and effective ICFR frameworks and how far Norwegian companies have travelled along the digital highway with respect to ICFR.
The benchmark will analyse responses and rate levels of maturity in the following areas: framework, risk assessment, scoping, control design and monitoring. We will also look at the development of responses since the previous survey in 2016.
....a number of companies are in reality less mature than they may believe.
The most cost effective and productive companies are moving towards fully automated financial reporting processes and controls and digital tools for analysing data and managing the ICFR framework. Hence, in this year’s survey, we expect to see a stronger trend of internal control automation and utilisation of new technology.
Another current trend is the stronger focus on ethics and compliance in most businesses, due to increased stakeholder requirements and expectations. Strong ICFR frameworks include a number of controls that are key to preventing and detecting fraud, and have an important role to play in mitigating compliance risks. The survey aims to analyse the maturity of the business’ anti-fraud controls.
assess their internal control to be less mature than required for Norwegian listed companies.
have a systematic risk-based approach for defining the scope of ICFR.
lack a complete control design that addresses all critical risks.
use self assessments as their monitoring tool.