IFC/ICFR Review
What do you understand by IFC?
Internal Financial controls (IFC) refers to a set of processes or controls implemented by the management, which provides a reasonable assurance regarding the reliability of financial reporting, effectiveness and efficiency of operations, safeguarding of assets and compliance to applicable laws and regulations.
IFC includes the following controls:
Why is it important to you?
It is mandatory for the management to provide report on internal controls over financial reporting for applicable companies as mentioned in the Companies Act
It is mandatory for the Director’s report of all companies to include a mention on the company’s operational controls efficiency and effectiveness
Auditors are required to comment on the internal controls over financial reporting of the company irrespective of whether the company is listed or not
How can we help?
Our key solutions include:
Controls framework design
Designing and setting up the internal financial controls framework both at an entity level as well as at a process level, including IT and fraud controls
Implementation and review
Once the controls framework is designed, we can help you with the implementation of controls and also to conduct training and awareness sessions for your staff
Diagnostic review
Review of the existing internal controls framework to evaluate whether it meets the applicable regulatory requirements and identify gaps, if any. We can provide suggestions and recommendations to mitigate the identified risks
Remediation assistance
Handhold the management in remediating control gaps by assisting in developing policies, standard operating procedures, developing process flowcharts, designing control templates etc.
Our industry experience, diversified skill set and in-depth understanding of the regulatory and compliance requirements applicable to you put us in a unique position to help you strengthen your internal financial controls environment.