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Internal Control Over Financial Reporting (ICFR)

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Accurate financial reporting doesn’t happen by accident. It’s the result of strong internal systems that work behind the scenes to safeguard your business from errors, fraud, and misstatements. At DK Partners, PC, we help businesses across Austin and Central Texas build, evaluate, and improve their Internal Controls Over Financial Reporting (ICFR) to protect financial integrity and meet regulatory or investor expectations.

Whether you’re preparing for growth, financing, or external audit, our ICFR assessments give you the tools to confidently report your numbers—and know they’re right.

What Is ICFR?

Internal Control Over Financial Reporting (ICFR) refers to the policies and procedures a company implements to ensure that its financial statements are reliable, accurate, and compliant with applicable accounting standards like GAAP.

These controls are designed to prevent—or detect and correct—errors and fraud that could lead to material misstatements in your financial reporting. ICFR is a critical component of your company’s overall governance and risk management.

When ICFR Matters Most

Even if you’re not publicly traded, strong internal controls over financial reporting are essential for:

Securing bank financing or investor capital
Preparing for third-party audits or reviews
Complying with grant, regulatory, or contractual obligations
Preventing fraud, misreporting, and costly errors
Supporting confident decision-making at the ownership or executive level

Lenders, auditors, and partners often look for ICFR documentation and testing as part of their due diligence process. If your internal controls are weak, your business could be exposed to reputational and financial risk.

ICFR Services Provided by DK Partners

we provide a full range of ICFR services tailored to your business size, industry, and operational complexity.

ICFR Risk Assessment

We identify areas where your business may be exposed to financial reporting risks—such as revenue recognition, payroll, cash handling, or inventory valuation.

Control Design & Implementation

We help you develop and implement processes and control activities that align with best practices and internal control frameworks (like COSO).

Control Testing & Evaluation

Our CPAs and audit specialists test the effectiveness of your existing controls and provide clear, prioritized recommendations for improvement.

Remediation Planning

If gaps are found, we’ll help you design corrective actions and provide guidance on documentation, training, and policy updates.

ICFR Reporting Readiness

We support businesses preparing for an external audit, investor review, or a transition to more formal financial oversight. Our team ensures your control environment is mature, documented, and ready for scrutiny.

Who Needs ICFR Services?

Our ICFR solutions are ideal for:

Growing businesses with increasing complexity or risk
Companies preparing for their first audit or external review
Grant-funded organizations with compliance needs
Businesses transitioning from cash-based to accrual accounting
Any owner or CFO who wants stronger oversight over financial reporting

Whether you’re tightening up internal controls in response to an incident or proactively preparing for the future, our team brings experience, structure, and clarity to your financial systems.

Why DK Partners for ICFR?

For 40 years, DK Partners, PC has served as a trusted advisor to Texas businesses that want to elevate their financial operations with confidence.

Here’s what sets our ICFR services apart

Local Expertise, National Quality. Based in Austin, we bring the depth of a national firm with the accessibility and service of a local partner.
CPA-Led Engagements. You’ll work with seasoned professionals—not juniors—who understand financial reporting, audit readiness, and risk management.
Industry-Specific Understanding. From agricultural enterprises to healthcare clinics, real estate developers to nonprofits, we tailor controls that actually work for your industry.
Integrated Services. Many of our ICFR clients also benefit from our internal audit services, virtual CFO advisory, and audit support—giving you one cohesive strategy.