Internal Control System (ICS)

The term ICC describes the internal control measures in their entirety that an organisation has in place to help monitor important internal business processes. The focus is on achieving corporate goals, safeguarding process security and identifying or preventing errors and irregularities (whether deliberate or accidental).

Large companies generally have an extensive ICS. Under audit law, listed companies and other organisations that meet certain economic criteria are required to have the existence of an internal control system (ICS) verified and confirmed by an external auditor. The ICS needs to be aligned to the specific conditions of the company. As a minimum requirement, management must ensure that all processes related to financial reporting are documented and implemented in the ICS.