Internal Financial Controls (IFC)

The Companies Act, 1956 has been replaced by the Companies Act, 2013. The new Act has cast many new reporting requirements on the statutory auditors of companies. One of these requirements relate to ‘Reporting on Internal Financial Controls’ under Section 143(3)(i) of the Companies Act, 2013 which requires the auditor to state in his report whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.

The section has cast onerous responsibilities on the statutory auditors because various audit principles and audit procedures for audit of financial statements as per the auditing standards issued by the Institute of Chartered Accountants of India (ICAI) do not cover situations where the auditors are required to express opinion of effectiveness of internal controls. ICAI therefore needed to come out with appropriate guidance on this section in the form of a publication that would include guidance on various aspects relating to such reporting on Internal Financial Controls.

How can Riskpro help in IFC Initiative

Riskpro helps you to address this important regulation. We provide the following services relating to Internal Controls.

IFC and COSO Training

The course provides participants the understanding of internal control concepts as per the requirement of Companies Act 2013, and provides them with practical tools and methods required for implementation framework.

Repository of Internal Controls

Inventory / Database of IFC in the form of an excel sheet that you can then customize for your company. Contact manoj.jain@riskpro.in for more information.

Testing of Internal Controls

Management is required to carry out internal testing of internal controls before they can certify that the Company has a strong internal control framework. We have quality test teams who will do just that. Test your controls. You don't have to pay high consulting fees. Just Rs 20-50k pm per resource hired for testing.

IFC Consulting and SOP Preparation

Riskpro has more than 15 senior audit and risk professionals who have knowledge of internal controls and SOP design. We can help companies to develop Standard Operating Procedures, process notes, policy documents with strong internal controls.

More Info: 
Manoj Jain: 9833767114, manoj.jain@riskpro.in

Other Services of Interest

  • GDPR Countdown

    Riskpro is working hard so that clients can GDPR deadline as the clock ticks away.
  • EU-US Privacy Shield for Data Transfers

    Come GDPR (General Data Protection Act) and EU-US PRivacy shield will assume more importance. Privacy Shield Overview The Privacy Shield program, which is administered by the International Trade...
  • Reduce your GDPR implementation Costs - Hire GDPR Experts in India

    Reduce cost for GDPR Compliance - Remote Consulting from India GDPR readiness assessment and implementation can be costly. And time is short. Instead of paying premium fees to local GDPR consultants...
  • Riskpro India on top of Emerging Risks that bother you

    Riskpro India is well positioned to offer advisory services for emerging risks such as Data Protection (GDPR), information security, assurance services such as Third party risk management, internal...
  • Risk Appetite and Risk Strategy

    COSO Enterprise Risk Management 2017 is here. And one of the most important changes in ERM is that ERM ties back to strategy and business objectives. ERM is no more an isolated practice followed...
  • Introduction to GDPR - Data Protection Training Mumbai

    You are invited to an enriching introduction to the most important regulation in data privacy – The EU General Data Protection Regulation (GDPR). The regulation is creating ripples across the Indian...
  • Digital Forensic Services

    Riskpro has partnered with a specialist Digital Forensics Services firm to offer digital forensic services. This involves analysis of digital assets for specified objectives. Whether it is a...
  • COSO ERM 2017 - Know the risks that matter

    In risk management, the end goal is to manage the risks that matter, and not to manage all the risks that can exist. For this, a welcome update to COSO ERM 2017 is the shift from process based risk...
  • Risk Management Score - Benchmarking Risk Management effectiveness

    Risk Mitigation results are often not apparent. This makes it more difficult to justify whether a company is doing it right. To overcome this issue, Riskpro has introduced a proprietary Risk...
  • Go to top