blogs

Section 1.3(1) of Guidance on Management Report on Internal Control Over Financial Reporting (ICFR) requires that every Public Company and Public Interest Entity (PIE) are required to file, on annual basis, its audited financial statements including a report on Management assessment on internal control over financial reporting, to ... Read More
In today’s global economy, the demand for businesses to operate sustainably has never been higher. Stakeholders, from investors to consumers, are increasingly holding organizations accountable for their environmental, social, and governance (ESG) practices. This has given rise to ... Read More
Catch the last session of our 2025 IFRS refresher course! We covered the latest updates, key changes, and how they impact financial reporting. Perfect for professionals looking to stay up-to-date! https://youtu.be/uk43iBFCwTI
Welcome to the third session of our 2025 IFRS Refresher Course! In this session, we dive deep into key standards that are crucial for understanding the financial reporting landscape: IFRS 9: Financial Instruments. IFRS 7: Financial Instruments - Disclosure... Read More
Missed the 2 part of the IFRS Webinar Session? Watch the recording of Week 2 in our 4-week IFRS webinar series, where we covered key topics such as: IAS 16 - Properties, Plants, and Equipment IAS 40 - Investment Property ... Read More
We recently had an insightful IFRS Webinar led by Abiola Fajimi FCA and Babatunde Abimbola ACA, focused on key aspects of IFRS and its application.Key topics discussed include: IASB Conceptual Framework & IAS 1: Presentation of Financial StatementsIAS 8: Accounting Policies, Changes in Accounting ... Read More
The auditing profession, long rooted in manual processes and physical documentation, is undergoing a seismic transformation driven by artificial intelligence (AI). This technological revolution is not just enhancing efficiency and precision but is fundamentally redefining the role of ... Read More
Highlight for this edition: What you need to know about the Value Added Tax Act (VATA)Major Deadlines in the month of December 2023, as relating to Value Added Tax Act (VATA). Click here to read more: https://pml.com.ng/wp-content/uploads/2023/11/Tax-News-Letter-November.pdf
Highlights of this Edition: What you need to know about Accounting for Deferred Tax. Major Deadlines in the month of November 2023, as relating to the Nigerian Tax space . Click here to read more: https://pml.com.ng/wp-content/uploads/2023/10/PML-Tax-Newsletter-October-2023.pdf
https://youtu.be/_rIJg5mpQTk Taxes are established by law in Nigeria. Such tax must have been passed into law through enactment of relevant statute (Act, By-law, decree among others). The tax law establishes the administrative body and specify its ... Read More

INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR) – SUBSEQUENT YEAR OF ADOPTION

Section 1.3(1) of Guidance on Management Report on Internal Control Over Financial Reporting (ICFR) requires that every Public Company and Public Interest Entity (PIE) are required to file, on annual basis, its audited financial statements including a report on Management assessment on internal control over financial reporting, to the Commission and Council. Public companies and PIEs were mandated to report on ICFR in 2023 and 2024 respectively.

In the subsequent year of adopting ICFR, organizations transition from the initial design and implementation phase into a period of testing, and continuous improvement.

While the first year focuses heavily on establishing frameworks, policies, and control documentation, the second and subsequent year is about strengthening execution, adapting practices into daily operations, and achieving sustainable compliance.

PML Offering in subsequent reporting year

To achieve subsequent years’ objectives around report on ICFR, PML is pleased to offer the following:

  1. Perform walkthrough and substantive testing to confirm that controls are operating as designed.
  2. Identify gaps between documented processes and actual practices.
  3. Provide recommendations and hands-on support to address control deficiencies noted during the first year.
  4. Streamline redundant controls and align them with evolving business processes.
  5. Support management in preparing reliable internal and external reports for regulators, auditors, and investors.
  6. Conduct training and awareness programs to strengthen accountability and control ownership.

With PML Professional Services as your ICFR partner, your year 2 and subsequent year of ICFR report is about turning your compliance into competitive advantage and enhanced confidence in the numbers reported in your financial statements.

For more information on your 2025 ICFR assessment and readiness for attestation, please contact Adeola Adesanya on 08038499321 or aadesanya@pml.com.ng.

JOIN OUR FREE NEWSLETTER