Regulations, Framework & Report Writing
Course Content
Deep Dive into IFC
- Analyze the critical components of IFC
- COSO framework and its interpretations.
Regulatory Imperative:
- Requirement of IFC under Companies Act, 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 Financial Control (IFC) Vs Enterprise Risk Management (ERM),
- Complementary roles in achieving objectives.
Control Frameworks: Financial & Operational
Financial Reporting Controls:
- ICAI guidance notes
- Ensuring robust and compliant financial reporting.
- Effective controls considering materiality, risk assessment, and reporting requirements.
- Analyze practical examples of common financial reporting controls and their implementation.
Operational Controls:
- COSO ERM and COBIT for designing operational controls
- Operational risks, considering cost-effectiveness and regulatory compliance.
Integrated Reporting & Control Assurance
Craft meaningful integrated reports on IFC effectiveness for various stakeholders:
- Senior Management
- Audit Committee
- Board of Directors
Entity Level Controls
- Relationship between ELCs and internal audit
- leveraging its potential for independent assurance and control effectiveness improvement.
Implementation Timelines & Stakeholder Impact:
- Timelines for IFC implementation, considering resource constraints and materiality.
- Scope the implementation process, addressing stakeholder needs and expectations.
Timings: 10:00 am – 5:30 pm, Registration begins at 9:30 am