Internal Financial Control Over Financial Reporting

The Companies Act, 2013 (the �013 Act� has imposed specific responsibilities on the Board of Directors (“Board� and Auditors towards the company’s internal financial controls and, inter alia, requires the Board and Auditor to state that internal financial controls to be followed by the company are adequate and were operating effectively.

IFC Audit requirement placed more accountability and responsibility on the Board of Directors and Auditors of the company.

Benefits of the adequate and effective internal financial controls:

  • Helps in business process re-designing to plug revenue leakages & cost containment opportunities.
  • Helps in rationalizing the number of controls across organization and moving towards automated controls.
  • Helps in standardizing policies and procedures of the organization.
  • Provides assurance to the CEO/CFO and improves business performance.
  • Proper Management Accountability and reporting.
  • Improved controls over financial reporting process.
  • Improved investor confidence in entity’s operations and financial process.
  • Promotes culture of transparency and control conscious work within the entity.
  • More accurate, reliable financial statements.
  • Enhanced control environment and mitigating risk.

Why We?
For IFC audit requires, effective Planning, Knowledgeable resources, Proper coordination and communication and Understanding the complexities of the business, Process and inter related Sub Process.

We have internal audit team who has experience in internal financial controls, Deep Industry Knowledge and Various Control Testing Tools. We also have considerable experience into Internal Audit, Risk Assessment and Risk Based Audit, Process restructuring and Process audit.