Internal financial & IT controls

Internal financial & IT controls

Are you worried about the plethora of regulatory compliance relating to the assessment of your internal financial controls (‘IFC’)s?

… contact our experts who can make your life simpler by developing specific practical solutions for your directors, independent directors, audit committees, management and CFO.

  • Our approach ensures compliance with the COSO framework for SoX assessment; the AICPA guidelines for SOC 1; the new requirements for IFCs, as specified in the Companies Act 2013 (‘the Act’) in India and the latest guidance note from the ICAI. We assist in the following:
  • Directors: 
    • Of listed companies, who in accordance with section 134 (5) (e) of the Act, are required to establish IFCs and  ensure that such controls are not only adequate, but are also operating effectively apart from ensuring that proper systems are enabled for IFCs for ensuring compliance with all applicable laws; &
    • Of all companies who are required to state the details in respect of adequacy of IFCs over financial reporting.
  • Audit committee:
    • Who in accordance with sections 177 (4) (iv) & (5) of the Act, can call for comments of auditors about internal control systems before their submission to the Board and also discuss any related issues with the internal and statutory auditors and the management of the company.
  • Independent directors:
    • Who in accordance with schedule IV, are required to satisfy themselves on the integrity of financial information and ensure that IFCs as well as systems of risk management are robust  and defensible.