Sample report format for reporting on internal controls
General
Management of XYZ Bank and its consolidated subsidiaries is responsible for establishing and maintaining adequate Internal Control over Financial Reporting (ICOFR). Internal control over financial reporting is a process designed under the supervision of Board of Directors to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the firm’s consolidated financial statements for external reporting purposes in accordance with International Financial Reporting Standards (IFRS)/ US GAAP. ICOFR includes our disclosure controls and procedures designed to prevent misstatements.
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