Internal Financial Controls - WIRC-ICAI

Internal Financial ControlsWho All Are Responsible?3 What is Internal Financial control (IFC) ?5 What is Internal Financial Controls over financialreporting (ICFR) ?6 Internal Controls Global Perspective7 Expected response of stakeholders8 Expressing an opinion on Internal control how willyou do it10 Page 3 The Companies Act 2013 Who All Are Responsible? In the case of a listed company, the Directors Responsibility states thatdirectors,have laid down IFCto be followed by the company and thatsuchcontrols are adequate and operating effectively. The auditor s report should also state whether the company hasadequateIFC system in placeand theoperating effectiveness of such Controls Audit committeemay call for comments of auditors about internalcontrol systemsbefore their submission to the Board and may alsodiscuss any related issues with the Internal and statutory auditors and themanagement of the company The independent directors should satisfy themselves on the integrity offinancial information andensure that Financial controlsand systems ofrisk managementare robust and IVDirector sResponsibilityStatementAuditor ReportAudit CommitteeIndependentDirectorsPage 4 The Companies Act 2013 Who All Are Responsible?

uDocument IT General Controls (GITCs) uPerform Segregation of Duties analysis uIdentify design gaps based on walkthroughs, interviews, discussion etc uBenchmarking of IFC controls – consolidate, remove redundancy, Key Highlights (ICAI note) • Perform Walkthroughs • Document Process Flows • Entity/ Transaction level • GITC ...

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  General, Control, Itgc, General controls

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