Internal Financial Control

Our Services

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Internal Financial Control means policies and procedures adopted by the company to ensure efficient conduct of the business.

Internal Financial Control over Financial Reporting, a process designed to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).

We provide following services to ensure compliance:

Drafting of Risk and Control Matrix
SOP Development
Testing of Internal Controls

Drafting of Risk and Control Matrix (RACM):

Risk and control matrix identifies the risk an organisation bears and maps them to the controls placed by the organisation on them.

Our service encompasses the following key components:

Risk Identification
Risk Assessment
Control Evaluation
Matrix Development
Documentation & Reporting

SOP Development:

Standard Operating Procedure (SOPs) describe the internal procedures followed within an organisation and roles and responsibilities of each process.

Developing Standard Operating Procedure (SOPs) is crucial for ensuring efficiency and compliance in an organisation. We, not only create SOP’s but also review it and update it periodically.

Testing of Internal Controls:

It is a continuous process, and organizations conduct these tests periodically to ensure efficiency and effectiveness of controls. It further addresses any changes in the business environment that may impact the control environment of an organisation.

Disclosure Requirement/Responsibility of IFC/ICoFR

Section 134(5)(e) of Companies Act 2013 requires in case of listed company, Director’s Responsibility states that directors, have laid down IFC to be followed by the company and that such controls are adequate and operating effectively.
Rule 8(5)(viii) of the Companies Rules, 2014 requires the board report of all companies except One Person Company and Small company to state the details in respect of adequacy of internal financial controls with reference to the financial statements.
Section 143(3)(i) of the Act requires the auditors’ report to state whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls”.
Section 177(5) of the Act requires audit committee may call for comments of auditors about internal control systems before their submission to the Board and may also discuss any related issues with the internal and statutory auditors and the management of the company.
Section 149(8) read with Schedule IV requires independent directors to satisfy themselves on the integrity of financial information and ensure that financial controls and system of risk management are robust and defensible

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