Internal Control over Financial Reporting (ICFR)

  Central Bank Guidelines on Internal Control over Financial Reporting   The State Bank of Pakistan vide its BSD circular no.7 dated May 27, 2004   (https://www.sbp.org.pk/bsd/2004/C7.htm) has issued guidelines on the internal control over financial reporting for all banks / DFIs naming SBP Internal Control Guidelines) and in order to ensure consistency in the process of compliance with the internal control guidelines, SBP vide BSD Circular No.5 dated Feb 24, 2009 https://dnb.sbp.org.pk/bsrvd/2009/C5.htm has provided the roadmap naming SBP road map identifying various activities / stages involved in the internal control program. The requirements of each stage of the roadmap has been further elaborated...

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