The revised guidance note issued by the ICAI recently has also extended the requirement of opinion from external auditors to consolidated financial statements, thereby emphasizing the focus required on completing the management design and testing across all companies within a group.
Companies also need to immediately embark on the following –
- COVID 19 impact – Changing internal financial control landscape
- Primary areas of impact and emergence of new library of risks and controls
- New internal control testing strategies in light of work from home scenario
Course Content
- Introduction to IFC and its components
- Requirement of IFC under Companies Act, 2013
- IFC Project Scope
- Overall approach
- Understanding documentation with live examples and hands on experience
- SOX/IFC Global Scenario
- Regulatory requirements with perspective of similar global requirements
- Key Difference between IFC & Enterprise Risk Management
- Specific approach for
- Financial reporting controls (benchmarked to ICAI guidance note)
- operational controls (with reference to globally recognized control frameworks)
- resilience controls (with reference to globally recognized control frameworks)
- Integrated reporting to:
- Senior management
- Audit committee
- Board
- Assessment of Entity Level Controls
- Applicability
- Integration with internal audit
- Implementation timelines
- Materiality and scoping
- Meeting stakeholders requirements
- Overview of ICAI guidelines
- Assessing the design of controls with practical examples and hands on practice sessions
- Value addition approach
- Key Process and Controls Assessment
- IFC framework
- Assessing operating effectiveness along with practice sessions
- Focus from second year onward
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