ICFR & Controls Validation

ICFR & Controls Validation

Design and operating effectiveness testing for every key control — with a clear, defensible path from test result to assurance opinion.

Falconry360 manages the complete ICFR testing cycle: scope key controls by financial statement assertion, assess design effectiveness, test operating effectiveness against a structured sample, classify any deficiencies — control deficiency, significant deficiency, or material weakness — and produce the management assessment that satisfies ADAA ICFR, SOX Section 404, CMA Corporate Governance, and external auditor requirements. Every opinion is traceable to the test evidence that supports it.
Key Controls in Scope

248

Across 14 process areas

Testing Completion

91%

Operating effectiveness tested

Open Deficiencies

3

1 significant · 2 control

ICFR Opinion

Qualified

Subject to sig. def. remediation

One Platform

One System for the Complete ICFR Testing Cycle

Control scoping, design assessment, operating effectiveness testing, deficiency classification, and management opinion — all traceable from regulatory requirement to test evidence.

Key Controls Scoping & COSO Mapping

Define the ICFR scope by financial statement cycle and assertion — with COSO-aligned control descriptions, owner assignments, and a full audit trail of scope decisions.

Design & Operating Effectiveness Testing

Test whether each key control is designed to achieve its objective and whether it operated effectively throughout the period — with structured workpapers and evidence requirements for every test.

Deficiency Classification & Management Opinion

Classify deficiencies as control deficiency, significant deficiency, or material weakness — and produce the management assessment that satisfies your regulatory and external auditor requirements.

Core Capabilities

Built for Every Component of the ICFR Assessment

Design effectiveness, operating effectiveness, deficiency management, and management opinion — with the audit trail that makes every conclusion defensible.

01

Key Controls Scoping & COSO Mapping

Define in-scope key controls by financial statement assertion, COSO principle, and risk of material misstatement — with entity-level and process-level controls maintained in a structured matrix.

02

Design Effectiveness Assessment

Document and assess whether each control is designed to prevent or detect material misstatements — with walkthroughs, process documentation, and design assessment conclusions retained as workpapers.

03

Operating Effectiveness Testing

Execute test programmes with statistically or risk-based sample sizes, record results at the item level, and flag exceptions automatically for deficiency assessment — for both management and external auditor reliance.

04

Deficiency Classification & Escalation

Classify each control failure as a control deficiency, significant deficiency, or material weakness — with the severity assessment documented and escalated to management and the audit committee.

05

Management Assessment & Opinion

Produce the management assessment on ICFR effectiveness — aligned to ADAA ICFR requirements, SOX Section 404, and CMA Corporate Governance standards — with full evidence traceability.

06

External Auditor Reliance Package

Compile the complete workpaper package — test results, sample documentation, deficiency assessments — in the format required for external auditor reliance, reducing duplication and audit costs.

Inside the Platform

From Controls Scope to Assurance Opinion

Three screens — the controls testing register your ICFR team executes from, the workpaper your testers document in, and the assurance dashboard your audit committee relies on.

Key Controls Testing Register

Every in-scope control — its COSO mapping, test method, sample size, test result, and deficiency classification — in one view for the ICFR programme lead.

Test Workpaper — User Access SoD Review

The detailed test record for a significant deficiency — test steps, sample items, exception documentation, and deficiency assessment conclusion — all in one defensible workpaper.

ICFR Assurance Dashboard

The view your audit committee receives — ICFR opinion, deficiency pipeline, testing completion by process area, and trend year over year.

How It Works

From Controls Scope to Assurance Opinion

The complete ICFR testing lifecycle — from scoping the control matrix to the management assessment your regulators and external auditors rely on.

Scope the Control Matrix

Identify key controls by financial statement assertion and material misstatement risk — aligned to COSO principles and in-scope for your regulatory requirements.

Assess Design Effectiveness

Perform walkthroughs and documentation review for each key control — concluding on whether it is designed to prevent or detect material misstatement.

Test Operating Effectiveness

Execute structured test procedures with risk-based or statistical samples — documenting results at the item level and flagging exceptions for immediate deficiency assessment.

Classify Deficiencies

Assess each exception and classify as a control deficiency, significant deficiency, or material weakness — with severity rationale documented and escalated.

Issue Management Assessment

Produce the management assessment of ICFR effectiveness — with full evidence traceability from testing to opinion — ready for regulatory submission and external auditor reliance.

Take Control

Built for the Rigour That ICFR Requires

Full traceability from financial statement assertion to test evidence to opinion — no gaps

COSO 2013-aligned control matrix with entity-level and process-level controls managed together

Test workpapers that satisfy both management assessment requirements and external auditor reliance standards

Deficiency classification and escalation built in — material weakness never surprises the audit committee

ADAA ICFR, SOX 404, and CMA CG requirements pre-mapped — no custom configuration required

Take Control

Build a Controls Validation Programme That Earns an Unqualified Opinion

Every key control tested, every deficiency tracked, every conclusion traceable.