The control frameworks referred to in section 5.1 include in their definition of “internal control” three general categories: effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulations. ICFR is a subset of internal controls relating to financial reporting. ICFR does not encompass the elements of these control frameworks that relate to effectiveness and efficiency of an issuer’s operations or an issuer’s compliance with applicable laws and regulations, except for compliance with the applicable laws and regulations directly related to the preparation of financial statements.
