Internal Financial Controls - Implementation and Testing

The Companies Act, 2013 have introduced the concept of “Internal Financial Controls Framework” (IFC), clearly outlining the provisions governing the role/responsibilities of the Board of Directors; Audit Committee and Auditors with consequential effects in case of any contravention or non-compliances of the said provisions. This book discusses the various aspects associated with the implementation and testing of an IFC framework. The objective is to enable both, management/executive and the implementers/auditors in designing, implementing and testing an IFC framework in accordance with the expectation of law and from a good governance perspective.
Sample templates have been provided in an easy to use manner which can be customized to suit business requirements on case-to case basis. Efforts have also been made to provide pre-requisites to the implementation stages and likely challenges at each stage of implementation and testing of the IFC framework.
This book has been written in a way which would help the management and the professional consultants to draw a structured approach while establishing and testing an IFC framework in a most cost-effective and efficient manner.

Key Features

· Detailed insights of IFC framework along with regulatory aspects under Companies Act, 2013.
· Elaborate discussion on roles/responsibilities of the board of directors and executive, audit committee & the auditors.
· Structured approach to design, develop and implement/roll-out an IFC framework.
· Detailed discussion on IFC testing and challenges along with proposed solutions.
· Covers sample templates of Policies & Procedures, SoPs, Controls Checklists and Risk Control Matrix, Testing Outcome Sheets.
· Covers implementation readiness/pre-requisite checklists.