Internal Financial Control

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.

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Auditing has three main phases:

  • Planning
  • Execution
  • Wrapping up

Initial Phase of Audit will include as below

  1. Scope Agreement with the client for the Audit
  2.  Business Process, Modus Operandi & Time Line  to be finalized with clients
  3. Key Business Owners identified with respective Processes.
  4. Document of the current business processes in a  narrative or a flowchart form
  5. Determination of relevant risks w.r.t to the functioning of the business.
  6. Tests for the controls to be covered under given Audit

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