Internal Control Report

Internal Control Report

Internal Control Report

Internal Control Report (ICR) covers the assessment and review of the internal control systems in place in a business entity and expresses opinion about the extent of adequacy and effectiveness of internal control systems, which maintain the business entity’s financial integrity, accurate financial statements, efficient operations from different aspects and optimal utilization of available resources.

Capital Markets Authority instructions, pursuant to the Executive Regulations, necessitate preparing the internal control report by an independent auditor to be engaged from among the auditors registered with Capital Markets Authority.

Added value to business entities from Internal Control Report

  1. Comply with laws, regulations, resolutions and instructions issued by Capital Markets Authority;
  2. Identify efficiency and effectiveness of the internal control systems in place in the business entity through addition or updates to ensure sustainable updates; and
  3. Enhance the business entity’s performance efficiency and competitive capabilities through having the ability to face unforeseen changes in the market and define the causes of failure to implement the internal control systems.

Services offered by Baker Tilly

  1. Internal Control Report

    Prepare an annual report on assessment of internal control systems for KSE-listed companies and companies licensed by Capital Markets Authority.
    (Reference: Capital Markets Authority, Resolution No. 72 of 2015 regarding issuance of Executive Regulations of Law No. 7 of 2010 concerning the Establishment of Capital Markets Authority and Regulation of Securities Business, as amended – Rulebook XV: Corporate Governance, Chapter 6, Article 6.9)

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