Regulations, Framework & Report Writing
📌Introduction
Stay ahead of compliance and governance challenges with our comprehensive IFC program. Learn to design, implement, and report on robust Internal Financial Control frameworks that align with COSO, global benchmarks, and evolving regulations.
🎯Course Objective
✅ Understand the critical components of IFC and its regulatory imperatives.
✅ Master the COSO framework and its application in IFC.
✅ Gain practical insights into documenting IFC processes and controls.
✅ Learn to craft effective IFC frameworks that balance operational efficiency and regulatory compliance.
✅ Explore global benchmarks, differences, and best practices.
🔎Deep Dive into IFC
- Analyze the critical components of IFC
- COSO framework and its interpretations
- Regulatory Imperative:
- Requirement of IFC under Companies Ac t,2013
- SEBI LODR, and industry-specific regulations, responsibilities and reporting mandates.
- Framework Essentials:
- COSO framework through a detailed breakdown of each component: control environment, risk assessment, information & communication, control activities, and monitoring.
- Crafting the Approach:
- Establish a strategic roadmap for building, implementing, and sustaining an effective IFC framework
- Practical understanding of documenting IFC processes and controls through real case scenarios
🌐Global Benchmarking & Regulatory Context
- SOX/IFC on the Global Stage
- Comparing IFC requirements globally
- Global regulatory environments and similarities and differences
- Internal Financia l Control (IFC) Vs Enterprise Risk Management (ERM)
- Complementary roles in achieving objectives.
🛡️Control Frameworks: Financia l & Operational
- Financial Reporting Controls:
- ICAI guidance notes
- Ensuring robust and compliant financia l reporting.
- Effective controls considering materiality, risk assessment, and reporting requirements.
- Analyze practical examples of common financia l reporting controls and their implementation.
- Operational Controls:
- COSO ERM and COBIT for designing operational controls
- Operational risks, considering cos t-effectiveness and regulatory compliance.
📝Directors Responsibility Statements, Management Testing & REPORT Writing
- Draft meaningful integrated reports on IFC effectiveness for various stakeholders:
- Senior Management
- Audit Committee
- Board of Directors
- Entity Level Controls
- ELC controls assessment
- ELC reporting
- Process Level Controls
- Reporting of operative effectiveness
- Implementation Timelines & Stakeholder Impact:
- Timelines for IFC implementation, considering resource constraints and materiality.
- Scope the implementation process, addressing stakeholder needs and expectations.
COURSE SCHEDULE & FEES
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