Internal Financial Controls: Implementation and Testing by
The Companies Act, 2013 have introduced the concept of “Internal Financial Controls Framework” (IFC), clearly outlining the provisions governing the role/responsibilities of the Board of Directors; Audit Committee and Auditors with consequential effects in case of any contravention or non-compliances of the said provisions. This book discusses the various aspects associated with the implementation and testing of an IFC framework. The objective is to enable both, management/executive and the implementers/auditors in designing, implementing and testing an IFC framework in accordance with the expectation of law and from a good governance perspective.
Sample templates have been provided in an easy to use manner which can be customized to suit business requirements on case-to case basis. Efforts have also been made to provide pre-requisites to the implementation stages and likely challenges at each stage of implementation and testing of the IFC framework.
This book has been written in a way which would help the management and the professional consultants to draw a structured approach while establishing and testing an IFC framework in a most cost-effective and efficient manner.
Key features of this book on Internal Financial Controls
· Detailed insights of IFC framework along with regulatory aspects under Companies Act, 2013
· Elaborate discussion on roles/responsibilities of the board of directors and executive, audit committee & the auditors
· Structured approach to design, develop and implement/roll-out an IFC framework
· Detailed discussion on IFC testing and challenges along with proposed solutions
· Covers sample templates of Policies & Procedures, SoPs, Controls Checklists and Risk Control Matrix, Testing Outcome Sheets
· Covers implementation readiness/pre-requisite checklists
Price Rs 592. Click to buy online
- Paperback: 408 pages
- Publisher: Bloomsbury India; First edition (1 February 2017)
About the Author
Jagdish is a Fellow Member of the Institute of Chartered Accountants of India with 30+ years post qualification experience. In his professional capacity he has served in senior management positions both in India and Overseas with Big4 firm; Fortune 50 Company, large business conglomerate, industry, leading professional firms, research foundation, etc. Jagdish has been and is primarily engaged in high-end consulting assignments on designing/ implementation of Internal Financial Control Framework, Risk Management, Business Review, Project Office Management etc. Additionally, at present, Jagdish is nominated as Independent Finance Member on the Bids Evaluation Committee of a large company and retained as Technical Advisor with a premier management institute in Delhi NCR. In the past, Jagdish has served on various committees of the ICAI (as invitee) and ASSOCHAM.
His earlier publications includes those by the Institute of Chartered Accountants of India: 1. Background Material on Certificate Course in International Taxation; and 2. ABC of DTAAs released by ICAI; and by CCH India (part of Wolters Kluwer) ‘Handbook on Tax Information Exchange Agreements’. Jagdish is also actively involved as Guest Speaker/Faculty with the leading institutes in Delhi NCR.