Internal controls, continuous loop financial reporting chain

The present study aims at elaborating the role of internal controls in financial reporting chain and presenting a modern pattern regarding internal controlling of financial reporting environment. Internal controllers are so important in implementing controlling and protective strategies issued toward the prevention of occurrence of any kind of intentional and/or unintentional error and their timely identification in financial reporting process. This study considers financial reporting process a 3-stage activity studying the influence of internal controllers in each components of this process.