Whats the difference between disclosure controls and procedures and internal control over financial reporting? Which controls do we have to certify?
Disclosure controls and procedures are intended to cover the processes and controls used to prepare all of the company’s regulatory filings, including the financial statements. Internal control over financial reporting is focused on the financial statements and the financial reporting processes. In addition, the evaluation of internal control over financial reporting is linked to an accepted control framework such as COSO, whereas no generally accepted framework exists for disclosure controls and procedures.
