T This study aims to analyzes the implementation of internal control over financial reporting (icfr), along with the findings and remediation of its weaknesses at state-owned enterprise (soe) x. the research is motivated by the strategic role of soes and the directive to strengthen internal controls as mandated by the ministry of soes regulation no. per-2/mbu/03/2023. a qualitative case study approach was employed, with data collected through in-depth interviews with nine key informants and document analysis. the analysis is grounded in agency theory, legitimacy theory, and the coso framework. the findings reveal that soe x has demonstrated a strong commitment to implementing an internal control framework aligned with the ministry of soes regulation, even from its inception. a robust control environment, structured risk assessment processes, and various control and monitoring activities have been established. however, as a newly formed organization, several non-material and administrative weaknesses were identified, such as the absence of an it steering committee, the cybersecurity and resilience functions being merged with it support, and several findings that were transactional in nature but not material. the company has undertaken proactive remediation efforts. the theoretical analysis indicates that the implementation of icfr and its remediation serve to mitigate agency problems and reduce information asymmetry, while also functioning as a strategy to gain and maintain legitimacy. a novel finding highlights an “implementation gap” between formal policies and operational practices in a growing organization. the implications of this research include recommendations for enhanced socialization, strengthening of detailed controls, optimization of risk assessment, and the development of an accountability culture.