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Chapter 7 — What to Expect After the Registration Statement Is Declared Effective

7.5 Internal Controls and Procedures

7.5 Internal Controls and Procedures

There are two types of controls and procedures that a public company will need to address in its filings with the SEC. ICFR refers to procedures within a company that are designed to reasonably ensure compliance with the company’s policies related to the preparation of financial statements that are compliant with U.S. GAAP and Regulation S-X. Disclosure controls and procedures are a broader set of controls that largely encompass ICFR and are designed to provide assurance that information that the registrant must disclose in the reports that it files or submits under the 1934 Act is recorded, processed, summarized, and reported within the periods specified.
The following table summarizes the control-related reporting requirements for various types of filers:

Footnotes

4
For special relief provisions available to EGCs, see Section 1.6.
5
Before the initial requirement to file management’s assertion on the effectiveness of ICFR, the certifications may omit the specific references to ICFR.
6
For additional information about EGCs, see Section 1.6.