The document discusses designing effective financial controls by leveraging the internal control framework. It outlines three key control objectives: protecting assets, providing accurate information, and ensuring compliance. The COSO internal control framework consists of five components that must be in place for effective controls - control environment, risk assessment, control activities, communication/information, and monitoring. The document provides details on each component and emphasizes that clear objectives, strong environment, and ongoing assessments are needed for a robust framework.
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.
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.
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.
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.
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.
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.
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.
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.
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
This contents in this document is for academic purpose and those who are practicing internal and external audits. It is open for recommendations and opinions.
Learn with SAZZAD - ISA 315 (Revised)
Identifying and Assessing The Risks of Material Misstatement Through
Understanding the Entity and its Environment
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.
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.
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
This contents in this document is for academic purpose and those who are practicing internal and external audits. It is open for recommendations and opinions.
Learn with SAZZAD - ISA 315 (Revised)
Identifying and Assessing The Risks of Material Misstatement Through
Understanding the Entity and its Environment
POSITION OF INTERNAL AUDIT IN THE CORPORATE FRAMEWORKHaresh Lalwani
This presentation is my endeavor to bring to notice the new position that internal audit enjoys today in the corporate framework, expectations of the industry and emerging opportunities for the professionals.
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 world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Premium MEAN Stack Development Solutions for Modern Businesses
Designing Effective Financial Controls - Leveraging the Internal Control Framework to Achieve Control Objectives
1. Global
Finance DESIGNING EFFECTIVE
360
FINANCIAL CONTROLS
LEVERAGING THE INTERNAL CONTROL
FRAMEWORK TO ACHIEVE CONTROL
OBJECTIVES
Author: Stephen G. Lynch
Every year corporations lose millions of dollars due to poor internal controls. The
“A strong internal failures include inadequate segregation of duties, lax control over vendor master
control framework records and incorrect customer invoices. Additionally, poor controls around the
flow of data in an organization’s ERP system can result in manual rework to
is the result of clear correct improper accounting entries. Taken to the extreme, inadequate controls
control objectives can result in material misstatements in financial reporting and the associated
regulatory submissions.
and a commitment
With the continued guidance of Section 404 of the Sarbanes-Oxley Act,
by a company’s management is required to publish in their annual reports a statement concerning
Board, the scope and adequacy of the internal control structure and procedures for
financial reporting. Additionally, the company’s auditors must attest to and report
management, and on the assessment of the effectiveness of the internal control structure and
employees to create procedures for financial reporting. An investment in strong internal controls is
essential for the effective governance and protection of the corporation.
and maintain a
Control Objectives
strong control
In designing an effective internal control structure, three objectives must be kept in
environment. It mind as the controls are designed, tested and maintained. These objectives are:
also requires a 1. Ensure that corporate assets are safeguarded against malfeasance and used
commitment to only for business purposes,
properly assess 2. Provide accurate business information to management, investors, creditors,
regulators and other relevant stakeholders, and
organizational risk, 3. Ensure that employees comply with all applicable laws and regulations.
establish and With these objectives established, the internal control structure can be developed and
conduct appropriate maintained using the COSO internal control framework.
control activities,
The Internal Control Framework
generate and
The Internal Control - Integrated Framework report, published by the Committee of
communicate Sponsoring Organizations of the Treadway Commission (COSO), provides a
timely, relevant and framework that consists of five interrelated components. All of these components must
be in place and operating effectively for there to be an effective internal control
reliable information, structure. These five components are:
and participate in Control Environment
regular monitoring Risk Assessment
activities.” Control Activities
Communication and Information
Monitoring
Global Finance 360 | Copyright 2010 | All Rights Reserved 1
2. About Global Finance 360
Global Finance 360 covers the
world of corporate finance and
accounting and how these
Control Environment
activities are impacted by The control environment is the foundation of a company’s internal control structure and
globalization. Focus areas is centered on the attitudes, actions and awareness of the company’s internal
include Finance Delivery
stakeholders, including the Board of Directors, management and front-line personnel.
Strategy, Shared Services,
The level of importance these stakeholders place on strong internal controls will greatly
Business Process Outsourcing,
Process Improvement and
influence the existence and effectiveness of those controls.
Organizational Design. The control environment is core to a company’s approach to daily business activities
Global Finance 360 is run by and the way it assesses risk in conducting those activities. According to COSO, control
Steve Lynch. Mr. Lynch is a environment factors include the “integrity, ethical values and competence of the entity's
Principal in the Finance people; management's philosophy and operating style; the way management assigns
Transformation practice of a authority and responsibility, and organizes and develops its people; and the attention
global consulting company. He and direction provided by the board of directors”.
is responsible for the marketing,
sales and delivery of Finance Risk Assessment
Transformation services in North
America and serves as a key As part of the control structure, a company should have a process in place to assess
liaison for his company’s global risk in relation to its corporate objectives. The risk assessment applies to all areas of
Finance practice. He brings the company and should involve most activities within the organization. According to
more than 15 years of the COSO framework, risk assessment is a 3-step process:
experience advising global
companies on their service
Estimate the significance of the risk,
delivery strategies and has
served over 60 clients in a
variety of industries including
Access the likelihood or frequency of the risk occurring, and
consumer product and industrial
manufacturing, aerospace & Consider how the risk should be managed and assess what actions must be
defense, transportation, taken
technology, entertainment and
financial services. He has also An effective risk assessment system will incorporate both internal and external factors.
served as a Controller in private Internal factors can include people, systems and processes. External factors can
industry and as an auditor in include economic developments, regulatory changes and industry advances. It is the
public accounting. responsibility of the company’s management to properly assess risk and then to
Mr. Lynch is an active content develop and maintain a program that will effectively mitigate the risk identified.
contributor on the topics of
Finance Transformation and Control Activities
globalization and has presented
at various forums including the Control activities are the policies and procedures put in place by management to
IQPC Shared Services & ensure that the processes put in place to address risk are being carried out. This
Outsourcing conference. He can component of the COSO framework is wide-ranging and includes controls designed to
be found on the web at prevent errors as well as controls to detect errors after the fact and enable corrective
www.globalfinance360.com. action to be taken. Examples of preventive controls include segregation of duties and
physical controls such as locking down cash. Detective controls are focused on
Contact Information: reporting, reconciliations, management reviews and periodic audits to detect errors
Steve Lynch needing correction.
Toll-free: +1.800.216.2512 A key aspect of the COSO framework is its emphasis on information system controls.
This includes financial, operational and compliance related systems. All of these
Office: +1.719.481.2599
systems should have both general and application controls. As the name implies,
1042 W. Baptist Road
general controls pertains to all systems and covers issues such as physical access to
Suite 194 the systems. Application controls are specific to a particular system and includes
Colorado Springs, CO 80921 individual security profiles and business logic that would prevent unreasonable data
slynch@globalfinance360.com
from passing through undetected.
www.globalfinance360.com
Global Finance 360 | Copyright 2010 | All Rights Reserved 2
3. About Global Finance 360
Global Finance 360 covers the Communication and Information
world of corporate finance and
accounting and how these
Communications and information are actually two distinct components of internal
activities are impacted by control. Information must be readily available to organizational stakeholders and the
globalization. Focus areas information must be of sufficient quality that personnel can act on the information,
include Finance Delivery confident that it is reliable. This information should also be suitable for communicating
Strategy, Shared Services, with external stakeholders such as investors, creditors and regulators.
Business Process Outsourcing,
Process Improvement and
COSO recognizes that information can be both structured and unstructured.
Organizational Design. Structured information comes from the company’s formal information systems and can
be financial, operational or compliance related. Unstructured information can consist
Global Finance 360 is run by of conversations with customers and suppliers.
Steve Lynch. Mr. Lynch is a
Principal in the Finance A strong internal control structure enables communication to flow through an
Transformation practice of a organization, from top to bottom and from the bottom upwards, as well as horizontally
global consulting company. He through the various departments. These communication channels are created and
is responsible for the marketing, maintained to ensure that information flows to those departments and individuals
sales and delivery of Finance requiring information for their financial, operational and compliance related reporting
Transformation services in North
and analysis responsibilities.
America and serves as a key
liaison for his company’s global
Finance practice. He brings
Monitoring
more than 15 years of Nothing ever stays the same and internal controls are no different. Due to changing
experience advising global factors both internal and external, there is an ongoing need to monitor internal controls
companies on their service
to assess their effectiveness and to determine if any changes in the internal controls
delivery strategies and has
are warranted.
served over 60 clients in a
variety of industries including Monitoring takes two basic forms: ongoing monitoring as part of a company’s
consumer product and industrial continuous operations and periodic monitoring based on specific control objectives.
manufacturing, aerospace & COSO lists various means of ongoing monitoring which includes reviews by
defense, transportation,
management and supervisory personnel to identify errors and make corrections as
technology, entertainment and
necessary. It also includes the regular reconciliation of physical and financial assets
financial services. He has also
served as a Controller in private
such as inventory and cash.
industry and as an auditor in In addition to ongoing reviews, it is usually beneficial to make periodic reviews of
public accounting. specific control procedures. Although a company’s internal audit group may be
Mr. Lynch is an active content involved in the testing and evaluation of internal controls, it is also acceptable for line
contributor on the topics of management to initiate their own review of internal controls and make updates to the
Finance Transformation and control structure as necessary to remediate any deficiencies found.
globalization and has presented
at various forums including the Conclusion
IQPC Shared Services &
Outsourcing conference. He can A strong internal control framework is the result of clear control objectives and a
be found on the web at commitment by a company’s Board, management, and employees to create and
www.globalfinance360.com. maintain a strong control environment. It also requires a commitment to properly
assess organizational risk, establish and conduct appropriate control activities,
Contact Information: generate and communicate timely, relevant and reliable information, and participate in
Steve Lynch regular monitoring activities.
Toll-free: +1.800.216.2512
Office: +1.719.481.2599
1042 W. Baptist Road
Suite 194
Colorado Springs, CO 80921
slynch@globalfinance360.com
www.globalfinance360.com
Global Finance 360 | Copyright 2010 | All Rights Reserved 3