Internal Controls

The importance of internal control over financial reporting (ICOFR) has increased over the past few decades. All over the world, governments are reinforcing regulations related to internal controls, forcing firms as well as their auditors to direct more attention to the quality of internal controls in place. Along with the growing importance of ICOFR, researchers have conducted studies examining different aspects relating to internal controls.

To provide a broad overview of the current understanding of internal control systems, this literature review provides a summary and synthesis of studies conducted.