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Attention: Director, CFO’s and Auditors – Are you aware that you need IFC defined and operating effectively.

Are you ready to be complied for IFC or ICOFR for 2015-16 which has been declared mandatory as per the amendments from Companies Act 2013 by 31st March 2016?? Where as per section 134 Board of Directors Responsibility states that directors, have laid down IFC to be followed by company and that such controls are adequate and operating effectively. As per Section 143: The auditor’s report should also state whether company has adequate IFC system in place and operating effectiveness of such controls

What is IFC or ICOFR/IFCFR?

As per Companies Act 2013, the term Internal Financial Control (IFC) (for listed companies) and ICOFR / IFCFR (for Unlisted companies) has been defined as per policy & procedures adopted by the companies to ensure orderly & efficient conduct of its business, including adherence to company’s policies, safeguarding of its assets, prevention & detection of fraud and error, accuracy and completeness of accounting records, and the timely preparation reliable financial information

How outcome can help, Outcome has designed a Rapid Program for Assessment, Implementation, Documentation & Review for IFC or ICOFR. Detailed pointers where we can help:

  • Establish Internal Financial Control Framework for different organizational processes in line with global control practices.
  • Train Board Members (including AC & Independent Directors) on IFC – related requirements of the Act.
  • Design and Implement control self assessment
  • Design MIS dashboard to track & evaluate IFCs.
  • Review existing control framework to ensure comprehensiveness.

  • Author: Gaurav Shukla

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