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TITLE: Internal Control over Financial Reporting (ICFR) templates (RCMs/ICQs)
TYPE: article
VERSION: 1
VERSION_ID: 8c3a1442-0632-47ec-90e7-2f46ba6bbc79
GENERATED_AT: 2026-01-17T21:08:19.066Z
SUMMARY: Internal Control over Financial Reporting (ICFR) library of Excel-based smart compliance templates (RCMs/ICQs/SAQs) - SOX 404; COSO; ICFR Frameworks 
READING TIME: 4 min
WORD COUNT: 690
SOURCE URL: https://grcplaybook.com/smart-playbooks/internal-control-over-financial-reporting-icfr-core
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# Internal Control over Financial Reporting (ICFR) - Core

  * Baseline Controls in Small Entities
  * Entity Level Controls (Tone at the Top)
  * Financial Statement Close and Reporting
  * General Control Activities over Technology (ITGC)
  * Information Technology Application Controls (ITAC)
  * Systems Development Life Cycle (SDLC)
  * Purchases Cycle (Procure-to-Pay)
  * Revenue Cycle (Order-to-Cash)
  * Payroll Cycle
  * Inventory Cycle
  * Treasury and Investments Cycle
  * Commitment and Contingencies
  * Taxes, and
  * Shareholders' Equity

The ICFR library is derived from the mandates of the Sarbanes-Oxley Act Section 404: Management Assessment of Internal Controls.  The globally recognized COSO Internal Control-Integrated Framework providesadditional guidance.  Functional equivalent Frameworks have been developed and implemented globally.

The ICFR Library provides a set of editable smart templates that represent the core of what is generally required by regulatory and corporate mandates, relevant management (including process owners), boards of directors and their audit committees, as well as internal and external auditors of organizations of all sizes and industries to document, assess, test, report and oversee the design and operating effectiveness of the typical key internal controls on which management is reliant to prevent and detect material misstatement and fraud.

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Source: https://grcplaybook.com/smart-playbooks/internal-control-over-financial-reporting-icfr-core

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