Internal Financial Controls Master Class

UPCOMING BATCHES
Dates City DURATION PRICE (INR)  
Program Features
Program Benefits

The two-day master class on IFC aims to provide complete understanding on the following:
  1. Understanding of the requirement of Internal Financial Controls (IFCs) with practical examples focusing on regulatory requirements, applicability and timelines for implementation;
  2. Understanding of the requirement for various stakeholders, including external auditors
  3. Understanding of the difference between Internal Financial Controls (IFCs) and Internal Controls Over Financial Reporting (ICOFR);
  4. Overview of the requirements stated under the revised guidance note issued by the Institute of Chartered Accountants of India (ICAI) on Internal Financial Controls Over Financial Reporting;
  5. Suggestive approach on designing and implementation of a thorough IFC Framework;
  6. Insights on the practical approach for addressing the requirements pertaining to Operational Controls & Resilience (Fraud) controls;
  7. Understanding of the practical ways of ensuring value addition through this exercise. 
Program Relevance

Attending the master class will be beneficial for:
  1. Auditors
  2. CFOs
  3. Finance Controllers
  4. Internal Audit Professionals
  5. Members of the Internal Control Departments
  6. Accounts & Finance Team
For corporate enrolment OR enquiry about any other training program, please write to us at kounal@henryharvin.com
 
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DIG DEEPER INTO THE CURRICULUM



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ABOUT COURSE | Top 10 Queries

    Internal Financial Controls Master Class

    The Companies Act, 2013 has introduced a new requirement for listed companies. Accordingly, the Board of Directors (Sec 134), Audit Committee (Sec 177) and Independent Directors (Sch. IV) are responsible for laying down internal financial controls (IFC) to conform on adequacy and operating effectiveness of the framework for IFC.

    Furthermore, under Sec 143 of the Companies Act, external auditors are required to separately issue opinion on the adequacy of IFC and the operating effectiveness of such controls. Considering this, all unlisted companies (public and private) have to gear up to meet the requirements of IFC. The only relief provided by the ICAI guidance note is that the scope of external audit will be restricted to financial reporting controls only.

    The revised guidance note issued by the ICAI recently has also extended the requirement of opinion from external auditors to consolidated financial statements, thereby emphasizing the focus required on completing the management design and testing across all companies within a group.

    Considering the limited timeframe available to ensure adherence to the requirements and also meet conditions of external auditors, companies need to immediately embark on this initiative.
     
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