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Internal Audit Role in Governance

Internal Financial Control

Context for IFC?

• Major corporate and accounting scandals – Satyam, Financial Technologies (India) Limited

• Decline of public trust in accounting and reporting practices • Indian regulations modified to reflect the regulatory developments in the western world.

• SOX Act 2002, HIPAA, J – SOX and PCI-DSS are few examples of regulatory changes introduced by the western world. • Introduction of Internal Financial Controls (IFC) in the Companies Act 2013, reflect the continuation of this trend.

Internal Financial Control

Internal Financial Control

IFC definition as per Companies Act

Internal financial controls means Policies and procedures adopted by the company for ensuring orderly and efficient conduct of its business

Including

– Adherence to company’s policies

– the safeguarding of its assets

– the Prevention and detection of frauds and errors

– the accuracy and completeness of the accounting records, and

– The timely preparation of reliable financial information

What is required?

• A demonstrable documented framework for internal financial controls

• Documentation of controls that actually mitigate the risk of significant misstatements

• Requisite accountability for financial reporting structure

• Fraud risks and controls at the process level to be understood and are demonstrable

• Testing of operating effectiveness of controls

Internal Audit Role in Governance

Internal Audit Role in Governance

 Internal Audit Role in Governance

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