Nextera Guard
Internal control over financial reporting (ICoFR)
Keeps your financial-reporting controls in one library and runs the ICoFR cycle: assessment, testing, evidence, deficiencies and remediation.
Built for: Internal control and ICoFR teams, risk and compliance, and CFOs
What it does
- Control library
- Keep every control over financial reporting in one library, mapped to the risks and processes it covers.
- Assessment
- Assess each control’s design and operating effectiveness against the risk it addresses.
- Testing
- Plan control tests across the year and record the results, which feed the assessment.
- Evidence
- Keep the evidence for each test with the control and the period it covers.
- Remediation
- Log deficiencies with an owner and a due date, and track each one until it’s fixed.
- Monitoring
- Check key controls through the year, not only at period end, so problems surface while there’s still time to fix them.
How it works
Build the control library
Record each control over financial reporting with its risk, owner, frequency and the accounts it covers.
Assess and test
Plan design and operating-effectiveness tests and record the results.
Keep the evidence
Attach evidence to each control for each period, so it’s there when the auditor asks.
Fix and monitor
Log deficiencies, track remediation to closure and see where every control stands.
Monthly bank reconciliation
- Risk
- Cash balance misstated
- Owner
- Finance controller
- Frequency
- Monthly
- Evidence
- 3 files attached
- Latest test
- In testingEffective
The standard behind it
ICoFR is internal control over financial reporting: the controls that keep the figures in your financial statements right. Guard runs the cycle of documenting, testing and evidencing them.
Common questions
What does Guard do?
It runs internal control over financial reporting (ICoFR): a control library mapped to risks and processes, with assessment, testing, evidence and remediation in one system.
Where is the evidence when the auditor asks?
With the control. Each test’s evidence is stored against the control and the period, so it can be found in one place instead of across spreadsheets and email.
Can we monitor controls during the year?
Yes. Key controls can be checked through the year rather than only at period end, so deficiencies show up early enough to fix before reporting.
What does setting up Guard involve?
We build your control library from your current documentation, with its risks, owners and test steps, then train your team and switch over. After go-live we stay on to support it.
Further reading
- 1 min readICoFR Guide: Internal Control over Financial Reporting in IndonesiaComplete guide to ICoFR (Internal Control over Financial Reporting) for Indonesian companies. Learn about the framework, implementation steps, and technology solutions.
- 2 min readSOX Compliance & Internal Controls: Guide for Indonesian Listed CompaniesSOX compliance guide for Indonesian companies. Learn about Sarbanes-Oxley internal control requirements, COSO framework, and technology solutions for compliance.
- 2 min readRisk Control Matrix (RCM): Template & Guide for Internal Control DocumentationComplete guide to building a Risk Control Matrix (RCM). Includes template structure, best practices, and how software automates RCM management.
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- Lease accounting (PSAK 116)Nextera AccordClassifies each lease, calculates right-of-use assets and lease liabilities, remeasures them when terms change and produces the PSAK 116 disclosures.See Nextera Accord
Ask for a Nextera Guard demo
Tell us how many key controls you test and how you keep evidence today.