What is ICFR deficiency in SAP GRC-PLA - GRC Platform?

SAP Term: ICFR deficiency

• Component: GRC-PLA

• Component Name: GRC Platform

• Description: Classification of the severity of the deficiency according to internal control over financial reporting ICFR, such as significant deficiency, control deficiency, or material weakness.

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• Key Concepts: 
  ICFR deficiency is a term used in the Governance, Risk, and Compliance (GRC) Platform component of SAP. It refers to a gap in the Internal Control Framework (ICF) that could lead to a material misstatement in the financial statements. The ICF is a set of policies and procedures that are designed to ensure the accuracy and reliability of financial information. 
  
  How to use it: 
  The GRC Platform component of SAP provides tools to help identify ICFR deficiencies. These tools can be used to assess the effectiveness of internal controls and identify any gaps that may exist. The GRC Platform also provides tools to help remediate any identified deficiencies. 
  
  Tips & Tricks: 
  It is important to regularly review and update the ICF to ensure that it is up-to-date and effective. Additionally, it is important to regularly assess the effectiveness of internal controls to identify any potential ICFR deficiencies. 
  
  Related Information: 
  For more information on the GRC Platform component of SAP, please visit https://www.sap.com/products/governance-risk-compliance.html. Additionally, for more information on Internal Control Frameworks, please visit https://www.aicpa.org/interestareas/frc/assuranceadvisoryservices/internalcontrolsframework.html.