Internal control over operations is comprised of policies, procedures, and personnel intended to enhance the effectiveness and efficiency of firm operations and safeguard assets (COSO 2013; Lawrence, Minutti-Meza, and Vyas 2014)
Internal control over financial reporting (ICFR) encompasses the processes and procedures established by management to maintain records that accurately reflect the firm’s transactions (Deloitte & Touche, Ernst
& Young, KPMG, and PricewaterhouseCoopers 2004).