Financial Overview – Internal Control Framework (ICF)

For the first time, an Internal Control Framework (ICF) was implemented to ensure that the Organization’s objectives are achieved efficiently and effectively through the establishment of criteria on internal control based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which represents the best practice adopted by several United Nations Organizations. The ICAO ICF puts in place a consistent understanding of controls as well as procedures and standards for implementation of the ICF across key activities of ICAO. The framework defines concepts, stipulates responsibilities and provides guidance for the description of controls that are expected to be in place. Furthermore, it forms the basis for the accomplishment of internal objectives and the fulfilment of requirements imposed on ICAO. The ICF serves, inter alia, to safeguard compliance with approved procedures and to mitigate risks in the interest of secured operations. ICAO’s approach to risk management is an integral and systematic process that is identifying, mitigating, monitoring and communicating top risk to the Organization.

In the area of ICAO’s financial reporting, processes with integrated controls ensure the safeguard of ICAO’s assets and the completeness, accuracy and reliability of the financial data used for the preparation of its financial statements. An accounting-related internal control system is established at different levels to ensure that ICAO can safeguard its assets and identify and minimize the risk of material errors in its financial statements at an early stage.

The framework is supported by a range of assertions confirmed by senior managers and a range of policies, procedures and processes underpinned by appropriate ethical values.