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). SAAN GARAM