Internal Control

Control frameworks, design and testing, financial reporting controls and assurance mapping.

Introduction

Internal control is the system of policies, processes and checks that gives reasonable assurance an organisation achieves its objectives: reliable reporting, compliant operations and protected assets.

Boards are increasingly asked to declare whether material controls are effective. That puts control design, evidence and testing at the heart of governance.

Governance

Management’s responsibility for control and the board’s oversight of its effectiveness.

Controls

Design, implementation and operating-effectiveness testing of key controls.

Risk

Risk-based scoping that links process risks to the controls that matter.

Compliance

Declarations and certifications on control effectiveness required by codes and law.

Sub-themes

The topics this pillar covers in its events, articles and working groups.

Control frameworks

Applying COSO and other frameworks proportionately.

Controls over financial reporting

ICFR scoping, testing and deficiency evaluation.

Control design & testing

Writing testable controls and gathering good evidence.

Automation & continuous monitoring

Automated controls and analytics-based testing.

Segregation of duties

Access, roles and conflicts across systems.

Deficiencies & remediation

Root causes, action plans and closure validation.

Assurance mapping

Who provides assurance over what — and where the gaps are.

Controls for data and AI

Extending control thinking to models and data pipelines.

Regulatory watch

The frameworks and regulation we track for this pillar. Updates are published as Insights.

Europe

UK Corporate Governance Code 2024 — board declaration on material controls (Provision 29)
Audit committee responsibilities under the EU Audit Directive and Regulation
National internal control frameworks and supervisory guidance

GCC

Internal control over financial reporting requirements for listed companies
Government internal control and audit bureau frameworks
Central bank internal control requirements

Global

COSO Internal Control — Integrated Framework (2013)
US Sarbanes-Oxley Act sections 302 and 404
The IIA Global Internal Audit Standards (2024)

Events & webinars

Upcoming sessions for this pillar.

New dates are being finalised. Join the network to hear about upcoming roundtables, webinars and panels first.

Articles & insights

Analysis and regulatory updates from practitioners.

Governance

The three lines, revisited: why collaboration beats separation

The Three Lines Model moved the conversation from defence to value. What does that mean for how risk, compliance and internal audit work together?

LIC Editorial Team2 min read

Risk

Risk appetite that boards actually use

Too many risk appetite statements are approved once a year and never consulted again. A few design choices make them part of real decisions.

LIC Editorial Team1 min read

Expert contributors

The practitioners who lead and contribute to this pillar.

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Bring your expertise to the Internal Control pillar.

We invite women working across Governance, Risk, Internal Control, Compliance and related disciplines to express their interest in joining Ladies in Control and contributing to its development.