Internal Financial Controls-
Audit Check Point
‘Internal Financial Controls’ means the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including
- Adherence to company’s policies
- Safeguarding of its assets,
- Prevention and detection of frauds and errors,
- Accuracy and completeness of the accounting records, and
- Timely preparation of reliable financial information.
Auditing has three main phases:
- Wrapping up
Initial Phase of Audit will include as below
- Scope Agreement with the client for the Audit
- Business Process, Modus Operandi & Time Line to be finalized with clients
- Key Business Owners identified with respective Processes.
- Document of the current business processes in a narrative or a flowchart form
- Determination of relevant risks w.r.t to the functioning of the business.
- Tests for the controls to be covered under given Audit
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