8 10 points ICFR is defined as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. Controls Include procedures to achieve certain objectives. Required: 1. Explain what the three major objectives of the ICFR system are (not less than two lines and not more than three lines for each). 4 marks 2. Differentiate between "control deficiency" and "material deficiency in internal control systems. (3 marks) 3. Give two examples of types of controls in an IT environment. (3 marks). SAVE