Our experts in Grant Thornton have released the first annual Internal Control over Financial Reporting (ICFR) Benchmarking survey regarding compliance with Abu Dhabi Accountability Authority (ADAA) Resolution Number 1. The Resolution requires government entities in Abu Dhabi to implement an ICFR framework which is to be tested by the external auditor.
We aim for our benchmark data to provide ICFR leaders with an overview of emerging practices in the market and the challenges faced in implementing an integrated and effective framework, along with key trends in managing and improving the efficiency, effectiveness and overall integration of the internal control framework.
The survey also aims to address some of the questions that are frequently asked by ICFR leaders and teams in the course of implementing and managing their ICFR frameworks. Our survey has covered a number of diverse sectors as well as relatively newly-established entities.
We have received 32 responses for this year’s benchmarking survey with the majority of the responding entities reporting that they have recently implemented an ICFR program, while almost one quarter of entities reported that they are currently in the process of implementing an ICFR framework.
We would be pleased to discuss the results of our benchmark survey with you, share our knowledge and experience that can assist you in documenting and developing a process for evaluating internal controls in your entity.