The Directors of the Company, are required to report to Registrar of Companies through its Annual Report, regarding the existence and quality of compliance management system in the company to ensure compliance of all applicable laws.
The Companies Act, 2013 has introduced some new requirements relating to audits and
reporting by the statutory auditors of companies. One of these requirements is given under
Section 143(3)(i) of the Act which requires the statutory auditor to state in his audit report
whether the company has adequate internal financial controls system in place and the operating
effectiveness of such controls. Here is Brief and simple explanation about IFC.
This document discusses legal and regulatory compliance audit services provided by Intuit Consultancy. A compliance audit evaluates a company's adherence to applicable laws and regulations. It identifies risks of non-compliance and provides recommendations to improve compliance. Benefits include reduced liability, improved governance and transparency, and a stronger reputation with customers and investors. Intuit Consultancy's audits cover various categories of law in multiple jurisdictions. Their methodology involves examining records and documents, identifying gaps in compliance, and providing a final report and recommendations.
White paper on ICFR/IFC with implementation approachChandan Goyal
It discuss about the mandatory compliance of Internal Financial Control for Financial Reporting purpose. Further, implementation approach has also been shared.
Internal Financial Controls over Financial ReportingManish Kagathara
The document discusses the requirements for internal financial controls (IFC) under the Companies Act 2013. It defines IFC and outlines the requirements for directors, statutory auditors, and audit committees to evaluate and report on IFC. It then describes AKMK & Associates' approach to assessing IFC which includes identifying key business processes, documenting controls, testing control design and effectiveness, and remediating any deficiencies found.
It contains regulatory provisions from Companies Act, 2013 and SEBI, Clause 49 regarding Internal Financial Controls and Internal Controls in Financial Reporting. It has been linked to the hindi movie 'Sholay' to make the technical topic little lighter for the audience.
Internal Controls over Financial Reporting in the Indian Context Bharath Rao
Section 143 of the Indian Companies Act 2013 has rewarded auditors with additional auditing responsibilities wherein assurance must be provided on the Internal Controls present in a Company's Business Environment. The Auditor must provide an opinion on the operating effectiveness of these Internal Financial Controls.
The Institute of Chartered Accountants of India has released a Guidance Note which provides the required guidance to an Auditor to conduct an Audit of the same.
This presentation deals with the legal requirement of IFCs, Auditing Responsibilities and Implementation Guides from guidance note.
This presentation was presented at the Study Circle conducted by the Mangalore Branch of SIRC of ICAI on 23rd June 2016.
This audit engagement letter outlines the agreement between the audit firm and Sheridan Audio Visual Ltd for the audit of the company's financial statements. The audit firm will conduct the audit in accordance with International Standards on Auditing to obtain reasonable assurance that the financial statements are free of material misstatement. Management is responsible for preparing the financial statements in accordance with International Financial Reporting Standards and for providing the auditors with access to all relevant records and information. The fees for the audit will be based on the time spent by assigned staff and expenses incurred.
Lecture 16 internal control - james a. hall book chapter 3Habib Ullah Qamar
The document discusses internal control systems. It begins by defining internal control as policies, practices, and procedures employed by an organization to achieve four broad objectives: safeguarding assets, ensuring accurate accounting records, promoting operational efficiency, and ensuring compliance. It then explains that management is responsible for establishing and maintaining an internal control system to reasonably achieve these objectives in a cost-effective manner. The document also describes the preventive, detective, and corrective controls that make up the internal control system and aims to prevent, identify, and correct errors and issues. It closes by discussing requirements around internal controls under the Sarbanes-Oxley Act.
The Companies Act, 2013 has introduced some new requirements relating to audits and
reporting by the statutory auditors of companies. One of these requirements is given under
Section 143(3)(i) of the Act which requires the statutory auditor to state in his audit report
whether the company has adequate internal financial controls system in place and the operating
effectiveness of such controls. Here is Brief and simple explanation about IFC.
This document discusses legal and regulatory compliance audit services provided by Intuit Consultancy. A compliance audit evaluates a company's adherence to applicable laws and regulations. It identifies risks of non-compliance and provides recommendations to improve compliance. Benefits include reduced liability, improved governance and transparency, and a stronger reputation with customers and investors. Intuit Consultancy's audits cover various categories of law in multiple jurisdictions. Their methodology involves examining records and documents, identifying gaps in compliance, and providing a final report and recommendations.
White paper on ICFR/IFC with implementation approachChandan Goyal
It discuss about the mandatory compliance of Internal Financial Control for Financial Reporting purpose. Further, implementation approach has also been shared.
Internal Financial Controls over Financial ReportingManish Kagathara
The document discusses the requirements for internal financial controls (IFC) under the Companies Act 2013. It defines IFC and outlines the requirements for directors, statutory auditors, and audit committees to evaluate and report on IFC. It then describes AKMK & Associates' approach to assessing IFC which includes identifying key business processes, documenting controls, testing control design and effectiveness, and remediating any deficiencies found.
It contains regulatory provisions from Companies Act, 2013 and SEBI, Clause 49 regarding Internal Financial Controls and Internal Controls in Financial Reporting. It has been linked to the hindi movie 'Sholay' to make the technical topic little lighter for the audience.
Internal Controls over Financial Reporting in the Indian Context Bharath Rao
Section 143 of the Indian Companies Act 2013 has rewarded auditors with additional auditing responsibilities wherein assurance must be provided on the Internal Controls present in a Company's Business Environment. The Auditor must provide an opinion on the operating effectiveness of these Internal Financial Controls.
The Institute of Chartered Accountants of India has released a Guidance Note which provides the required guidance to an Auditor to conduct an Audit of the same.
This presentation deals with the legal requirement of IFCs, Auditing Responsibilities and Implementation Guides from guidance note.
This presentation was presented at the Study Circle conducted by the Mangalore Branch of SIRC of ICAI on 23rd June 2016.
This audit engagement letter outlines the agreement between the audit firm and Sheridan Audio Visual Ltd for the audit of the company's financial statements. The audit firm will conduct the audit in accordance with International Standards on Auditing to obtain reasonable assurance that the financial statements are free of material misstatement. Management is responsible for preparing the financial statements in accordance with International Financial Reporting Standards and for providing the auditors with access to all relevant records and information. The fees for the audit will be based on the time spent by assigned staff and expenses incurred.
Lecture 16 internal control - james a. hall book chapter 3Habib Ullah Qamar
The document discusses internal control systems. It begins by defining internal control as policies, practices, and procedures employed by an organization to achieve four broad objectives: safeguarding assets, ensuring accurate accounting records, promoting operational efficiency, and ensuring compliance. It then explains that management is responsible for establishing and maintaining an internal control system to reasonably achieve these objectives in a cost-effective manner. The document also describes the preventive, detective, and corrective controls that make up the internal control system and aims to prevent, identify, and correct errors and issues. It closes by discussing requirements around internal controls under the Sarbanes-Oxley Act.
Internal Controls over Indian Financial ReportingBharath Rao
Corporate Accountability has been gaining its momentum in the Indian Scenario. The Companies Act 2013 has now benchmarked itself to regulations like the Sarbanes-Oxley Act and stresses on the fact the auditor has to give an opinion on the Internal controls that handle Financial Data and are operating effectively. Section 134 and Section 143 of the Companies Act 2013 highlights the requirements for documenting, implementing, enforcing and auditing those internal controls which handle Financial Data.
This article provides an introduction of Internal Controls over Financial Reporting in the Indian perspective.
Health, Safety and Security through Compliancekanew396
Stream Data Centers implements comprehensive practices for ISO/IEC 27001, PCI DSS, SOC 1 (SSAE 18) TYPE II, and SOC 2 (SSAE 18) TYPE II through disciplined assessment and audit processes. They design facilities and train teams to comply with rigorous industry standards and maintain relevant certifications. Their Critical Environments Services practice is dedicated to continually improving and maintaining compliance certifications that are important for their mission-critical data center customers.
Highlights on changes in Audit Report under Companies Act, 2013Mitesh Katira
Fundamental Shifts in The Companies Act
Changes in Auditor’s Responsibility
Process flow for Appointment
Highlights of Appointment Process
Appended Engagement Letter
Key Points in Audit Report
Key Additions to Audit Report
Applicability of CARO, 2015
Changes in CARO, 2015
Tips for Implementation
This document discusses SOC 1 and SOC 2 reporting for third party processors. It explains that user organizations are increasingly requiring third party processors to obtain assurance reports on controls related to processes and information security. SOC 1 reports provide assurance on controls related to financial reporting, while SOC 2 reports provide assurance on controls related to security, availability, processing integrity, confidentiality, and privacy. The document outlines revisions made in 2014 to the SOC 2 standard to increase clarity, eliminate redundancy, and update criteria for changing technology and business environments.
This report analyzes the internal controls and accounting system of Chic Paints Ltd. It examines the company's history, current accounting systems, and compliance with external standards and regulations. The report also identifies key internal stakeholders and evaluates the accounting department, record keeping, training, and ethical practices. Recommendations are provided to improve internal controls, minimize fraud risk, and invest in a more sophisticated accounting software package and staff training. Implementing the recommendations would enhance reporting, working capital management, staff morale, and reduce fraud while ensuring compliance.
The document discusses the audit quality framework in Malaysia. It outlines the key players in the financial reporting chain and their roles, including boards of directors, audit committees, management, internal and external auditors, and regulators. It also discusses the regulatory requirements and applicable standards, such as international standards on auditing and quality control. The objectives of a quality control system are to provide reasonable assurance of compliance with professional standards. Key elements of the system include leadership, ethics, client acceptance, human resources, engagement performance, and monitoring.
The document discusses how the Microsoft Office System can help organizations address challenges in complying with the Sarbanes-Oxley Act. It outlines key capabilities like document management, process automation, communication and collaboration, and monitoring and reporting. It also describes partner opportunities for system integrators and independent software vendors to build compliance solutions on top of the Office System platform.
The document summarizes minutes from a meeting held by Mr. Moore. Key points include:
- The company saw doubled turnover in the past financial year compared to the previous year due to an increased number and volume of customers.
- Plans to create a TV advertisement and expand into Europe.
- Managing accounts were not formally documented and there were errors in management accounts at previous meetings.
- Questions were asked about implementing a computer system to formally record accounts, as there were some issues with the current ledger system.
- Interviews and calls revealed some problems with management accuracy due to minor errors.
This document discusses achieving SSAE 16 certification for service organizations. It provides an overview of SSAE 16 (SOC 1) audits and the history of SAS 70 and SSAE 16 standards. It defines SOC 1, SOC 2, Type 1 and Type 2 audits. Key aspects covered include the EIC and ALTA frameworks for escrow and title companies, choosing between SOC 1 and SOC 2 audits, audit phases like readiness assessments and annual audits, benefits and costs of SSAE 16 certification, and qualifications of the audit firm SSAE 16 Professionals.
The document discusses requirements for accounting firms and public companies regarding internal controls and registration. It notes that internal controls can be categorized by how transactions flow and employee integrity. It also states that management cannot assert effective internal controls if material weaknesses are found and that the Board of Directors must verify internal control effectiveness annually.
Internal financial controls include policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including regulatory compliance and prevention and detection of frauds and errors, thereby covering not only the controls over reliable reporting of financial statements. If you are searching for internal financial controls then you can contact us anytime or you can visit to our website at www.mbgcorp.com/in or can call us on:- +91 88601-90008
Soc 2 attestation or ISO 27001 certification - Which is better for organizationVISTA InfoSec
Organizations struggle with the decision between selecting the SOC 2 attestation or ISO 27001 Certification. It is important to understand which audit is required & suitable for your organization.
Lawrbit Compliance Audit Management Solution brings regulatory intelligence and technology bundled into a single framework to help audit and consulting firms to ensure auditors are aware of all provisions of various laws applicable on clients and also automate the regulatory audit processes.
Integrating technology solutions in compliance audit process enables auditors to reap maximum benefits by adopting best practices, reduces errors, costs, improves efficiencies and ROI. The auditor can manage wide range of audit-related activities, data and processes through a single, comprehensive framework.
The document summarizes observations from an audit of a company's financial statements. It identifies several risk areas and internal control deficiencies. Key points include: misstatements were identified in all branches due to non-adherence to recommendations and lack of involvement in an SLFRS conversion; impairment was not properly assessed due to insufficient IT systems and policies; treasury management policies and procedures were lacking; and bank reconciliations were either not performed or not reviewed at some branches. Upgrades to IT systems and the development of formal policies and procedures are recommended.
The document discusses SOX (Sarbanes-Oxley Act) compliance. It provides an overview of what SOX is, the penalties for noncompliance, and what prompted its passing. It then offers examples of controls and frameworks organizations can use to achieve compliance, emphasizing the importance of change management. It concludes by stating that SOX compliance is an ongoing effort that can help companies improve operations, consistency, and decision making.
This document provides an overview and introduction to SOC 2 reporting. It discusses the background and popularity of SOC 2 reports, who service auditors and providers are, and why user entities need SOC reports. The agenda outlines that the document will cover the AICPA framework, purpose and scope of SOC 2, the anatomy of a SOC 2 report, considerations for obtaining a SOC 2 report, and how SOC 2 maps to other standards. It provides details on each of these sections.
We are leading GRC technology solutions provider offering Compliance Management, Internal Financial Control & Litigation management solutions.
In current regulatory framework an SME has to report ~ 3000+ compliance under ~90+ Central & State Acts applicable on them; complexities increase with size.
“LexComply.com” enables organizations to plan, report, monitor and execute its compliances with updates on any changes in acts governing them.
The document discusses internal financial controls (IFC) as mandated by the Companies Act of 2013 in India. It provides an overview of key aspects of IFC including definitions, requirements for boards of directors, audit committees and independent auditors. It also discusses the COSO framework that is widely used for IFC and provides a roadmap for implementing IFC including assessing current controls, developing a framework, implementing controls, monitoring and testing. Case studies of control failures at companies like Enron, Worldcom and Satyam are also summarized.
The document discusses the challenges that companies face in complying with India's Companies Act of 2013 regarding legal compliance management systems (LCMS). It notes that sections 134 and 205 of the Act require boards of directors and company secretaries to develop and ensure proper functioning of LCMS for over 500 applicable acts in India as well as foreign legislations depending on international operations. It provides an overview of developing and reviewing a robust LCMS, including conducting a gap analysis, establishing compliance policies and procedures, maintaining an inventory of applicable compliances, and independent auditing of legal compliance.
Internal Controls over Indian Financial ReportingBharath Rao
Corporate Accountability has been gaining its momentum in the Indian Scenario. The Companies Act 2013 has now benchmarked itself to regulations like the Sarbanes-Oxley Act and stresses on the fact the auditor has to give an opinion on the Internal controls that handle Financial Data and are operating effectively. Section 134 and Section 143 of the Companies Act 2013 highlights the requirements for documenting, implementing, enforcing and auditing those internal controls which handle Financial Data.
This article provides an introduction of Internal Controls over Financial Reporting in the Indian perspective.
Health, Safety and Security through Compliancekanew396
Stream Data Centers implements comprehensive practices for ISO/IEC 27001, PCI DSS, SOC 1 (SSAE 18) TYPE II, and SOC 2 (SSAE 18) TYPE II through disciplined assessment and audit processes. They design facilities and train teams to comply with rigorous industry standards and maintain relevant certifications. Their Critical Environments Services practice is dedicated to continually improving and maintaining compliance certifications that are important for their mission-critical data center customers.
Highlights on changes in Audit Report under Companies Act, 2013Mitesh Katira
Fundamental Shifts in The Companies Act
Changes in Auditor’s Responsibility
Process flow for Appointment
Highlights of Appointment Process
Appended Engagement Letter
Key Points in Audit Report
Key Additions to Audit Report
Applicability of CARO, 2015
Changes in CARO, 2015
Tips for Implementation
This document discusses SOC 1 and SOC 2 reporting for third party processors. It explains that user organizations are increasingly requiring third party processors to obtain assurance reports on controls related to processes and information security. SOC 1 reports provide assurance on controls related to financial reporting, while SOC 2 reports provide assurance on controls related to security, availability, processing integrity, confidentiality, and privacy. The document outlines revisions made in 2014 to the SOC 2 standard to increase clarity, eliminate redundancy, and update criteria for changing technology and business environments.
This report analyzes the internal controls and accounting system of Chic Paints Ltd. It examines the company's history, current accounting systems, and compliance with external standards and regulations. The report also identifies key internal stakeholders and evaluates the accounting department, record keeping, training, and ethical practices. Recommendations are provided to improve internal controls, minimize fraud risk, and invest in a more sophisticated accounting software package and staff training. Implementing the recommendations would enhance reporting, working capital management, staff morale, and reduce fraud while ensuring compliance.
The document discusses the audit quality framework in Malaysia. It outlines the key players in the financial reporting chain and their roles, including boards of directors, audit committees, management, internal and external auditors, and regulators. It also discusses the regulatory requirements and applicable standards, such as international standards on auditing and quality control. The objectives of a quality control system are to provide reasonable assurance of compliance with professional standards. Key elements of the system include leadership, ethics, client acceptance, human resources, engagement performance, and monitoring.
The document discusses how the Microsoft Office System can help organizations address challenges in complying with the Sarbanes-Oxley Act. It outlines key capabilities like document management, process automation, communication and collaboration, and monitoring and reporting. It also describes partner opportunities for system integrators and independent software vendors to build compliance solutions on top of the Office System platform.
The document summarizes minutes from a meeting held by Mr. Moore. Key points include:
- The company saw doubled turnover in the past financial year compared to the previous year due to an increased number and volume of customers.
- Plans to create a TV advertisement and expand into Europe.
- Managing accounts were not formally documented and there were errors in management accounts at previous meetings.
- Questions were asked about implementing a computer system to formally record accounts, as there were some issues with the current ledger system.
- Interviews and calls revealed some problems with management accuracy due to minor errors.
This document discusses achieving SSAE 16 certification for service organizations. It provides an overview of SSAE 16 (SOC 1) audits and the history of SAS 70 and SSAE 16 standards. It defines SOC 1, SOC 2, Type 1 and Type 2 audits. Key aspects covered include the EIC and ALTA frameworks for escrow and title companies, choosing between SOC 1 and SOC 2 audits, audit phases like readiness assessments and annual audits, benefits and costs of SSAE 16 certification, and qualifications of the audit firm SSAE 16 Professionals.
The document discusses requirements for accounting firms and public companies regarding internal controls and registration. It notes that internal controls can be categorized by how transactions flow and employee integrity. It also states that management cannot assert effective internal controls if material weaknesses are found and that the Board of Directors must verify internal control effectiveness annually.
Internal financial controls include policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including regulatory compliance and prevention and detection of frauds and errors, thereby covering not only the controls over reliable reporting of financial statements. If you are searching for internal financial controls then you can contact us anytime or you can visit to our website at www.mbgcorp.com/in or can call us on:- +91 88601-90008
Soc 2 attestation or ISO 27001 certification - Which is better for organizationVISTA InfoSec
Organizations struggle with the decision between selecting the SOC 2 attestation or ISO 27001 Certification. It is important to understand which audit is required & suitable for your organization.
Lawrbit Compliance Audit Management Solution brings regulatory intelligence and technology bundled into a single framework to help audit and consulting firms to ensure auditors are aware of all provisions of various laws applicable on clients and also automate the regulatory audit processes.
Integrating technology solutions in compliance audit process enables auditors to reap maximum benefits by adopting best practices, reduces errors, costs, improves efficiencies and ROI. The auditor can manage wide range of audit-related activities, data and processes through a single, comprehensive framework.
The document summarizes observations from an audit of a company's financial statements. It identifies several risk areas and internal control deficiencies. Key points include: misstatements were identified in all branches due to non-adherence to recommendations and lack of involvement in an SLFRS conversion; impairment was not properly assessed due to insufficient IT systems and policies; treasury management policies and procedures were lacking; and bank reconciliations were either not performed or not reviewed at some branches. Upgrades to IT systems and the development of formal policies and procedures are recommended.
The document discusses SOX (Sarbanes-Oxley Act) compliance. It provides an overview of what SOX is, the penalties for noncompliance, and what prompted its passing. It then offers examples of controls and frameworks organizations can use to achieve compliance, emphasizing the importance of change management. It concludes by stating that SOX compliance is an ongoing effort that can help companies improve operations, consistency, and decision making.
This document provides an overview and introduction to SOC 2 reporting. It discusses the background and popularity of SOC 2 reports, who service auditors and providers are, and why user entities need SOC reports. The agenda outlines that the document will cover the AICPA framework, purpose and scope of SOC 2, the anatomy of a SOC 2 report, considerations for obtaining a SOC 2 report, and how SOC 2 maps to other standards. It provides details on each of these sections.
We are leading GRC technology solutions provider offering Compliance Management, Internal Financial Control & Litigation management solutions.
In current regulatory framework an SME has to report ~ 3000+ compliance under ~90+ Central & State Acts applicable on them; complexities increase with size.
“LexComply.com” enables organizations to plan, report, monitor and execute its compliances with updates on any changes in acts governing them.
The document discusses internal financial controls (IFC) as mandated by the Companies Act of 2013 in India. It provides an overview of key aspects of IFC including definitions, requirements for boards of directors, audit committees and independent auditors. It also discusses the COSO framework that is widely used for IFC and provides a roadmap for implementing IFC including assessing current controls, developing a framework, implementing controls, monitoring and testing. Case studies of control failures at companies like Enron, Worldcom and Satyam are also summarized.
The document discusses the challenges that companies face in complying with India's Companies Act of 2013 regarding legal compliance management systems (LCMS). It notes that sections 134 and 205 of the Act require boards of directors and company secretaries to develop and ensure proper functioning of LCMS for over 500 applicable acts in India as well as foreign legislations depending on international operations. It provides an overview of developing and reviewing a robust LCMS, including conducting a gap analysis, establishing compliance policies and procedures, maintaining an inventory of applicable compliances, and independent auditing of legal compliance.
The document discusses internal financial controls (IFC) and internal financial controls over financial reporting (ICFR) as required by the Companies Act 2013 in India. It defines IFC and ICFR and explains who is responsible for them according to the Act, including directors, auditors, and audit committees. It outlines how IFC can help companies beyond compliance, the objectives of IFC coverage, key highlights from ICAI guidance, and penalties for non-compliance. Finally, it describes how the consulting firm A.P. Doshi & Co. can help companies with IFC implementation, documentation, testing, and reporting.
Control and audit of information System (hendri eka saputra)Hendri Eka Saputra
This document provides an overview of internal controls and information system auditing. It defines internal controls as processes designed to provide reasonable assurance of achieving objectives related to operations, financial reporting, and compliance. It discusses control objectives, components of internal controls including the control environment, risk assessment, control activities, information and communication, and monitoring. The document also covers the Foreign Corrupt Practices Act, types of financial reporting controls, segregation of duties, accounting systems, limitations of internal controls, and the role of internal controls in financial audits.
Drive compliance culture to ensure 100% adherence & lower risks with LexComply Legal Compliance Management solution in India, having integrated technology & updated legal library to identify, Allocate, Report & monitor compliance across group companies, locations, departments, & 3rd parties.
This document discusses legal and regulatory compliance audit services provided by Intuit Consultancy. A compliance audit evaluates a company's adherence to applicable laws and regulations. It identifies risks of non-compliance and provides recommendations to improve compliance. Benefits include reduced penalties, stronger corporate governance and reputation. Intuit offers compliance audits covering various legal areas that follow a methodology of examining records, identifying gaps, and discussing recommendations with management.
Secretarial Audit has been mandated by Section 204 of the Indian Companies Act, 2013 for every listed company and other class of companies.
This presentation talks about, introduction, historical background, Objective and Purpose, Scope, Benefits and Beneficiaries of Secretarial Audit. This presentation also talks about offences and penalties as prescribed in Section 204 and 143 of the Companies Act, 2013 for any default committed.
Enterprise Governance Risk and Compliance (GRC) Management Solution in IndiaLexComply
Having most comprehensive coverage of compliance amongst the available GRC solutions in India, we ensure you don’t miss any compliance or legal updates . Know all you need about compliance in a single screen.
Lecture 17 sas framework internal control - james a. hall book chapter 3Habib Ullah Qamar
SAS Framework,Chapter 3 Of Accounting Information System. Frauds ,ethics and Internal Control, Levels of SAS-78/COSO Framework. The Control Environment, Risk Assessment, Monitoring, Supervision and in the end Control Acvities
The document discusses internal financial controls (IFC), including key requirements, frameworks, implementation steps, and roles. It defines IFC and outlines requirements according to the Companies Act. It also describes the COSO framework components, implementation roadmap, and roles of different lines of defense. Process flows are provided for IFC implementation, including scoping, design assessment, remediation, testing, and reporting. Risk control matrices and current IFC status are also mentioned.
- Private and public limited companies in India must undergo annual audits of their financial statements by a chartered accountant. This process ensures compliance with legal requirements and proper accounting practices.
- The statutory duties of an auditor include giving an independent opinion on the accuracy of the company's financial statements and assessing if they were prepared according to accounting standards. The auditor must also check for compliance with relevant laws.
- Company directors are responsible for preparing accurate financial statements according to International Financial Reporting Standards and for making sure proper accounting records are maintained. They must also safeguard company assets and take steps to prevent fraud.
- Regular audits provide several advantages like ensuring compliance, improving business systems, enhancing credibility with stakeholders, detecting
Maco presentation demystifying compliance and survey results Simon Grima
The document discusses regulatory compliance in the financial services industry. It provides information on surveys conducted on the role and challenges of compliance. Key findings include that the majority of respondents agree that the compliance function should identify all business activities susceptible to compliance risk. It also discusses the typical responsibilities of a compliance officer, such as maintaining compliance files, providing training and advice, monitoring controls, and reporting. It emphasizes that while compliance officers play an important role, ultimate responsibility for compliance lies with senior management.
The document discusses Internal Financial Controls over Financial Reporting (ICFR) as mandated under the Companies Act 2013 for listed and unlisted companies in India. It provides an overview of the regulatory requirements for ICFR, the components of ICFR, guidelines on auditing ICFR, and the key elements and processes involved in establishing effective internal controls over financial reporting.
The document discusses internal financial controls (IFC) requirements under the Companies Act 2013. It summarizes that the new law requires boards and auditors of all companies to report on IFCs, whereas previously it was only for listed companies. It also notes the new law requires auditor opinion on both financial statements and IFC effectiveness, unlike past requirements. Additionally, it states the new law assigns directors specific responsibilities for establishing IFCs and commenting on their adequacy and effectiveness.
Relief For LLP Firms - Settlement Scheme 2020LexComply
The document announces the LLP Settlement Scheme 2020, which provides a one-time opportunity for Limited Liability Partnerships (LLPs) in India to file belated statutory documents required under the LLP Act 2008 by paying reduced additional fees. The scheme aims to make compliance easier for LLPs and update electronic records, running from March 16 to June 13, 2020. LLPs can file overdue Forms 3, 4, 5 and 11 by paying Rs. 101 per day of delay, up to a maximum of Rs. 5,000 per document. LLPs that avail this scheme will be granted immunity from prosecution for those late filings.
Professionals Appointed Under Insolvency Bankruptcy Code, 2016 (IBC, 2016)LexComply
Government of India, Ministry of Corporate Affairs- Role of Insolvency Professional(Interim Resolution Professional(IRP) or Resolution Professional(RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016) for filing various forms/ documents with MCA-21 under Companies Act, 2013.
For More Updates, Sign Up Now: https://lexbuddy.com
Follow Us On http://linkedin.com/company/lexcomply
LexComply - Compliance Management Software India
The Central Ground Water Authority has extended the deadline for existing groundwater users like industries, infrastructure, and mining projects to apply for a No Objection Certificate (NOC) for groundwater withdrawal through the NOCAP portal to March 31, 2020. Those withdrawing groundwater without a valid NOC or failing to apply by the new deadline will be liable to pay fines and environmental damages as determined by the National Green Tribunal. Detailed directions and guidelines can be found on the CGWA and CGWB websites.
It’s like very important change in GST, Government decided to bifurcate DUE DATE OF GSTR-3B on the basis of TURNOVER, and now 3 categories of due dates of GSTR-3B is as follows:-
1) 20th - For more than 5 crores turnover
2) 22nd - For 15 States
3) 24th - For 22 States
For More Updates Sign Up Now: https://lexbuddy.com/
Follow Us: http://linkedin.com/company/lexcomply
LexComply - Compliance Management Software India
SEBI has directed Stock Exchanges to penalize the listed Companies for Non-Compliance with the provisions of the Listing Regulations (LODR) & Circulars/Guidelines issued thereunder. Circular includes a list of Penalties to be imposed in respect of Non-Compliance of various Regulations.
Penalty for Non-Compliances goes up to 5,000 per Day (in Some Cases it is 50,000 per instance)
For more Updates Sign Up Now: https://lexbuddy.com
LexComply - Compliance Management Software India
Centerally monitor and control legal cases, notice to improve efficiencies, communication through the legal ecosystem. Visit :- https://lexcomply.com/enterprise-litigation-management
Lexcomply - ERM enables organizations to implement an Enterprise Risk management (ERM) & Internal Controls framework. Risk Manager captures information such as loss events, key risk indicators (KRIs), assessment responses and scenario analysis data in a flexible and connected way. Connecting the entire risk eco system including internal and external stakeholders, it allows Risk managers to analyse risk intelligence and communicate effectively.
LexComply.com, is an all inclusive Compliance Management tool suitable for Professionals and Organizations to identify, assign, manage and report relevant compliances
Extension of AGM under Companies Act, 2013 LexComply
Law Reference: Sec. 96 of the CA’2013 provides that every Company other than OPC (One Person Company) shall in each year hold an AGM of its shareholders.
Frequency AGM: Not more than 15 months shall elapse between the date of One AGM of the company and that of the next.
The document summarizes key amendments made by the Benami Transactions (Prohibition) Amendment Act, 2016 in India. The Act expanded the definition of benami transactions to include property held for someone else's benefit or transactions made under fictitious names. It exempts certain cases like joint family property. The Act also increased penalties for benami transactions and providing false information. In conclusion, while the Act may reduce real estate transactions in the short term, it aims to reduce black money, increase transparency, and make India a more attractive long-term investment destination.
There was a time when corporates used to consider compliance of laws as a burden, gone are the days, now corporates consider it as its responsibility. In the past, there was not proper guidance system, due to which corporates couldn’t comply with regulatory requirements. But now picture has been changed and with the passes of time, guidance system has been developed. Now corporates are complying all the legislations applicable on it with the help of professionals and with the help of compliance tool/software available in the market.
India is the new start-up nation! With third highest start-ups launched in the world after US and UK in the year 2015. To build the investors’ confidence and brand reputation, to drive the top line growth and protect the bottom line, it’s imperative for any start-up to be ready! As startup our plan should focus all three aspects of a business i.e. Commercial, Financial and Compliance.
Delisting means permanent removal of securities of a listed company from all or any of the recognised stock exchanges where such shares are listed. As a consequence of delisting, the securities of that company would no longer be tradable at that stock exchange.
INGREDIENT- BASED APPROVAL FOR PROPRIETARY FOODSLexComply
Food Safety and Standards Authority of India (FSSAI) recognizes that a specific framework to manufacture and market proprietary food is required in accordance with the global best practices to provide certainty to all stakeholders while providing them with the flexibility to innovate.
Startup India is a flagship initiative of the Government of India, envisioned to build a strong ecosystem for nurturing innovation and Startups in the Country.
Simple Six Steps
COMPLIANCE MANAGEMENT CYCLE
uncomplicates a multitude of high-end
CORPORATE GOVERNANCE TASKS
and makes your organization
COMPLIANT!
Visit:- https://lexcomply.com/index
Pedal to the Court Understanding Your Rights after a Cycling Collision.pdfSunsetWestLegalGroup
The immediate step is an intelligent choice; don’t procrastinate. In the aftermath of the crash, taking care of yourself and taking quick steps can help you protect yourself from significant injuries. Make sure that you have collected the essential data and information.
Safeguarding Against Financial Crime: AML Compliance Regulations DemystifiedPROF. PAUL ALLIEU KAMARA
To ensure the integrity of financial systems and combat illicit financial activities, understanding AML (Anti-Money Laundering) compliance regulations is crucial for financial institutions and businesses. AML compliance regulations are designed to prevent money laundering and the financing of terrorist activities by imposing specific requirements on financial institutions, including customer due diligence, monitoring, and reporting of suspicious activities (GitHub Docs).
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Integrating Advocacy and Legal Tactics to Tackle Online Consumer Complaintsseoglobal20
Our company bridges the gap between registered users and experienced advocates, offering a user-friendly online platform for seamless interaction. This platform empowers users to voice their grievances, particularly regarding online consumer issues. We streamline support by utilizing our team of expert advocates to provide consultancy services and initiate appropriate legal actions.
Our Online Consumer Legal Forum offers comprehensive guidance to individuals and businesses facing consumer complaints. With a dedicated team, round-the-clock support, and efficient complaint management, we are the preferred solution for addressing consumer grievances.
Our intuitive online interface allows individuals to register complaints, seek legal advice, and pursue justice conveniently. Users can submit complaints via mobile devices and send legal notices to companies directly through our portal.
Corporate Governance : Scope and Legal Frameworkdevaki57
CORPORATE GOVERNANCE
MEANING
Corporate Governance refers to the way in which companies are governed and to what purpose. It identifies who has power and accountability, and who makes decisions. It is, in essence, a toolkit that enables management and the board to deal more effectively with the challenges of running a company.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.
1. Enhance Corporate Value Through Better Governance
WELCOME
TO THE WORLD OF
COMPLIANCE
MANAGEMENT
2. LexComply, is an all inclusive Compliance Management tool
suitable for Professionals and Organizations to identify, assign,
manage and report relevant compliances with inbuilt
repository of laws and proof of compliances.
3. RATIONALE
STATUTORY
Section 134 & 205 of Companies Act 2013 states that
The Directors of the Company, are required to report to
Registrar of Companies through its Annual Report, regarding
the existence and quality of compliance management system
in the company to ensure compliance of all applicable laws.
Applicability Every company
4. Compliance is everyone’s responsibility
Directors: As Per Section 134 (5) the Board of Directors (BoD) to
declare the following in Directors’ Report which is to be filed with
RoC that the directors : have devised proper systems to ensure
compliance with the provisions of all applicable laws ALSO have
ensured such systems were adequate and operating effectively
RATIONALE
STATUTORY
5. Key considerations
• Confirmation is required from directors and the company secretary
on compliance with all applicable laws
• Ordinarily, a company needs to comply with more than 60 central
legislations and more than 20 state legislations per state in which it
operates.
• Directors including non-executive, Managerial Personal and officers
in charge are liable for prosecution and penalty under various
applicable statutes now.
RATIONALE
STATUTORY
6. RATIONALE
OPERATIONAL
•Limited/incomplete list of applicable statutes.
•Limited skill set.
•Limited consolidation overall status of compliances.
•Limited Reporting, Monitoring and Repository Mechanism.
•Absence/limited updates.
•Safety of data.
•Dynamic Business and regulatory environment.
9. • Improves the skill set of exiting team .
• Facilitate identification of applicable statutes and compliances therein.
• System triggered compliances i.e. Due Date based, Event Based and On
Going.
• Brings in-house team ; management and consultants on single platform.
• Enable to identify the regulatory impact of business plans.
• Repository of challans , forms and other compliance related documents.
• Automated Compliance MIS , hence saves time and efforts.
• Automated updates via emails, on dashboard and at the backend in
compliance calendar.
BENEFITS