In a conscious effort to enhance the oversight function of the management, the internal audit reporting system of an entity, among others, should not be underplayed. Successful enterprises in the corporate world are beginning to embrace the big picture of their business functions and processes through detailed attention towards ensuring sound internal reporting system. This is feasible with the deployment a sound internal audit reporting solution. With LASER Audit Reporting System (LARS),your business takes the right bearing towards efficient and effective management of your internal audit processes from planning to reporting. LARS internal audit solution provides you with the following features:
Provides real-time completion status of ongoing audits at all locations and business units of your organization
Centrally manages audit planning, audit programs, work papers and fieldwork and coordinate information among auditors, auditees and Management at all levels of organization;
Puts you in control of the complete audit lifecycle by establishing a systematic, disciplined and a uniform process for internal audit management;
Aligns your internal audit processes with the Institute of Internal Auditors (IIA) standards, thereby enabling you to plan your annual audits, schedule it, view audit programs, create work papers and findings and track ongoing observations; and
Keeps all your audit files in one place and easily share them with auditors and auditees.
At PML Professional Services, we can help you deploy LARS for your internal audit function. The choice of LARS for your internal audit reporting gives you unequaled edge and pace in achieving much more.
Internal Control over Financial Reporting (ICFR) is a fundamental component of sound corporate governance for Public Interest Entities (PIEs). It provides reasonable assurance that financial transactions are accurately recorded, authorized, and reported in accordance with applicable accounting standards and regulatory requirements. By embedding effective preventive and detective controls throughout financial processes, ICFR strengthens the integrity, completeness, and accuracy of financial statements, thereby reducing the risk of material misstatements arising from error or fraud.
Driving Investor Confidence and Stakeholder Trust
Reliable financial reporting is critical to maintaining the confidence of investors, regulators, creditors, and other stakeholders. An effective ICFR framework demonstrates management's commitment to transparency, accountability, and financial discipline. This enhances the credibility of published financial information, supports informed decision-making by capital market participants, and reinforces the reputation of PIEs as responsible stewards of public and shareholder resources
Mitigating Regulatory and Compliance Risk
Given the heightened regulatory oversight applicable to Public Interest Entities, robust ICFR plays a vital role in ensuring compliance with financial reporting obligations and governance requirements. Well-designed and effectively operating controls enable organizations to identify and address deficiencies proactively, reduce the likelihood of regulatory breaches, financial penalties, and reputational damage, and support timely remediation where control weaknesses are identified. Ultimately, a strong ICFR framework promotes operational resilience, strengthens governance, and contributes to the long-term sustainability of the organization.
Navigating Nigeria's ICFR Requirements
The Financial Reporting Council (FRC) of Nigeria issued the Guidance on Management Report on Internal Control over Financial Reporting (ICFR) in November 2022, pursuant to Section 7(2)(f) of the Financial Reporting Council of Nigeria Act, 2011 (as amended). The Guidance introduced mandatory annual management assessment and reporting on the effectiveness of Internal Control over Financial Reporting for Public Interest Entities (PIEs), with independent auditor attestation.
Category
Mandatory ICFR Reporting Timeline
Public Companies
Effective for annual reports beginning 31 December 2023
Other Public Interest Entities (Private PIEs)
Effective for annual reports ending on or after 31 December 2024
Government/Public Sector Agencies
Originally effective for 31 December 2024, with a one-year waiver granted by the FRC. Mandatory submission now applies to 2025 audited financial statements filed in 2026.
How PML Professional Services Supports Your Organization
PML Professional Services provides end-to-end ICFR advisory, implementation, and review services designed to help Public Interest Entities achieve sustainable compliance while strengthening financial governance. Leveraging deep expertise in governance, risk management, internal controls, and financial reporting, our team works collaboratively with management to build an efficient and risk-based ICFR framework aligned with regulatory expectations and internationally recognized leading practices.
Our ICFR service offerings include:
ICFR readiness assessments, including enterprise-wide gap analysis and implementation planning.
Risk assessment and control framework development, including process mapping, Risk and Control Matrices (RCMs), and ICFR documentation aligned with the COSO Framework.
Control testing and evaluation, covering both design and operating effectiveness of key financial reporting controls.
Control deficiency identification and remediation support, including management assessment and ICFR reporting.
Independent ICFR reviews and continuous compliance support to ensure ongoing regulatory compliance and control maturity.
At PML Professional Services, we recognize that ICFR compliance extends beyond meeting regulatory requirements, it is an opportunity to strengthen governance, enhance operational discipline, improve investor confidence, and establish a resilient financial reporting environment capable of supporting long-term organizational growth.
