4th Internal Financial Control Masterclass (Mumbai)

A host of high-profile corporate scams in the US and other countries around the world made governments, regulators and corporations grasp afresh the significance of internal controls. These disasters were largely attributed to the failure to implement internal controls. Several terms are used by globally recognised control frameworks and market regulators - "Internal Control for Financial Reporting" (ICFR) mostly in the US after the Sarbanes Oxley (SOX) Act and "Internal Control" (IC) mostly outside the US. The Companies Act 2013 (the Act) coined a new term - "Internal Financial Control" (IFC) - which is a bit of IC and a bit of ICFR. The guidance note issued by ICAI in September this year clarifies on several areas related to internal financial controls such as the internal control components, entity level controls, Information Technology controls, understanding and documentation of process flows including flow charts, use of service organizations, sampling etc.

The Companies Act, 2013 has very strongly emphasized on internal control and holds the board responsible for overseeing it. It has imposed specific responsibilities on the Board of Directors (“Board”) towards the company’s internal financial controls. It asks the auditors to separately issue an opinion on whether the company has an adequate internal financial controls (IFC) system in place and the operating effectiveness of such controls. The reporting on ICFR by auditors will be applicable for both listed and unlisted companies, including small and one person companies.

one full day Internal Financial Control Masterclass will throw light and new insights on the implication of these new requirements on business operations and processes of a company, including the financial reporting process.


Benefits of attending:

  • Detailed understanding on the requirements posed up by the Companies Act 2013
  • Understand the responsibility on Auditors, BOD and Management in IFC implementation
  • Learn more on various control mechanisms on your business processes
  • Learn on the a robust IFC implementation process in your organization
  • Detailed discussion on the ICAI Guidance note on IFC


Who should attend:

  • CFOs
  • Finance Directors
  • Other senior finance professionals
  • Statutory Auditors
  • Internal Auditors
  • Risk Management and Internal Control Professionals
  • Practicing Chartered Accountants
  • Company Secretaries
  • PE Investors

Technical Session 1: Internal Financial Control

  • Regulatory framework under Companies Act 2013
  • Applicability of IFC
  • Applicable Audit Standard
  • Comparison of IFC vs IC
  • Scope of Internal Financial Controls
  • IFC vs ICOFR
  • Reporting Requirements

CARO 2016 

Technical Session 2: Internal Controls Framework

  • Three lines of Defense
  • Identification of key business processes
  • IFC – Key components
        -       Entity Level Controls and requirements
        -       Operating Controls
        -       Process Level Controls and requirements
        -       IT General Controls
        -       Anti-Fraud Controls

Test of Design and Test of Operating Effectiveness

COSO 2013 Framework 

Technical Session 3: IFC – Approach, Planning and Methodology

  • Define the IFC Framework
  • Key issues to kept in mind while designing the Framework
  • Entity Level Controls Assessment
  • Scoping
  • Assessment of Process Level Controls
  • Design assessment of Internal Controls
  • Identification of Gaps and remediation
  • Operating effectiveness
  • Assessment and reporting

A case study discussion

Integration with Internal Audit

  • Internal Audit Scope Planning
  • Process Understanding and Risk Assessment
  • Controls Validation
  • Reporting


Technical Session 4: COSO Enterprise Risk Management

  • Integrated Risk Management and ERM framework
  • Risk Based Internal Audit – Role in ERM
  • Effective Methods for Identifying Risks
  • Governance, Risk and Compliance
  • Risk Assessments and Fraud Risk considerations
  • Risk Management Compliance Examples
Hotel Novotel Juhu Beach
Balraj Sahani Marg, Juhu Beach, Mumbai
022 66934444
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