Achromic Point

Description

Internal Financial Controls lays down the 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 (more commonly known as Internal Financial Controls over Financial Reporting (“IFCFR”), but also include all other controls pervasive across the business.

While this requirement was originally applicable to financial statements ending 31 March 2015, considering the lack of guidance, this applicability was deferred and is now effective for the year ending 31 March 2016. It is therefore, suggested that all the companies should re-visit the existing internal controls and strengthens these to ensure that whenever tested, these will not fail.

Keeping this in context, it is our pleasure to inform that Achromic Point along with KPMG is organizing a Full day Seminar on “Internal Financial Control – Beyond Financial Reporting” scheduled in Chennai on 29^th July 2016 at Hotel Radisson GRT.

Topics being covered:-

Session 1:
IFC – Management’s Role

• Components of Internal Control – A Mindset Change
• Criteria’s to be considered for developing, establishing and reporting on ICOFR
• Understanding the process flows, Information systems changes, additional time required
• Management’s testing by others
• Prominence of entity level controls

 Session 2:
 IFC – Auditor’s Role

• Objective in an audit of ICOFR
• Interpretation Auditor’s reporting under section 143(3)(i)
• Responsibility in case of  unlisted Companies
• Combing and panning the Audits
• Understanding the risk of fraud
• Materiality
• Using the work of  Internal Auditors and an Auditor’s Experts
• Communication considerations

Session 3:
DETERMINING THE EFFECTIVENESS

• Understanding process flows
• Selection of control
• Information Produced by the Entity (IPE) significance
• Testing of Design
• Testing operating effectiveness
• Sampling
• Relationship of risk to the evidence to be obtained
• Remediation testing

 Session 4:
IMPACT ANALYSIS

• Evaluating results
• Scope Limitation due to lack of sufficient audit evidence
• Deficiencies
• Indicators of material weakness
• Pervasive deficiencies that result in significant deficiencies
•  Audit Report implications

Speakers

• K Raghuram                             – Partner, BSR & Associates
• Subramanian Nachiappan  – Director, BSR & Associates
• Satish Vaidyanathan             – Associate Director, BSR & Associates
• R Naveen Raj                           – Associate Director, BSR & Associates
• Mr. Goutham Sundaresan  – Manager, BSR & Associates

 *More speakers to join in from KPMG & Industry