Internal Financial & IT Controls
If you are worried about the plethora of regulatory compliance relating to the assessment of your IFCs, contact our experts who can make your life simpler by developing specific practical solutions for your directors, independent directors, audit committees, management and CFO.
These solutions include:
- Ensuring readiness for Clause 49 (India), SoX (US & Japan), Bill 198 (Canada) & SSAE 16 (previously SAS 70) compliances.
- Ensuring compliance with new requirements for IFCs, as specified in the Companies Act 2013 (“the Act”) in India, with emphasis on assisting the following:
- Directors where:
in accordance with section 134 (5) (e) of the Act, directors of listed companies 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; &
in accordance with rule 8 (5) (viii) of the Companies (Accounts) Rules, 2014], directors of all companies are required to state the details in respect of adequacy of IFCs over financial reporting.
- The audit committee, where in accordance with sections 177 (4) (iv) & (5) of the Act, the audit committee 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.
- The independent directors; where in accordance with schedule IV, they 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.