Internal Financial controls (IFC)/ Enterprise Risk Management

Regulatory requirement

As per section 143(3)(i) of the Companies Act, 2013, the statutory auditor’s report shall state if the ompany has adequate internal financial control with reference to financial statement in place and its operating effectiveness. Further, director’s responsibility u/s 134(5)(e) of the Companies Act, 2013 requires directors of the listed companies to laid down internal financial control to be followed by the company and that such financial control are adequate and are operating effectively.

Approach to IFC/ICOFR

Assess potential risk and control metrics in a defined template containing, risk control reference, frequency, tech/non-tech nature control etc. Critical review of existing established process and identification of all possible improvement in from of design gap.




Credentials

Team

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