Internal Financial Control (IFC) | Event in Mumbai Maharashtra 400049 | Townscript
Internal Financial Control (IFC) | Event in Mumbai Maharashtra 400049 | Townscript

Internal Financial Control (IFC)

Jan 12 '18 | 09:30 AM (IST)

Event Information

The Companies Act, 2013 has introduced a new requirement for listed companies. Accordingly, the Board of Directors (Sec 134), Audit Committee (Sec 177) and Independent Directors (Sch. IV) are responsible for laying down Internal Financial Controls (IFC) to conform on adequacy and operating effectiveness of the framework for IFC.

Furthermore, under Sec 143 of the Companies Act, external auditors are required to separately issue opinion on the adequacy of IFC and the operating effectiveness of such controls. Considering this, all unlisted companies (public and private) have to gear up to meet the requirements of IFC. The only relief provided by the ICAI guidance note is that the scope of external audit will be restricted to financial reporting controls only.

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.

Considering the limited timeframe available to ensure adherence to the requirements and also meet conditions of external auditors, companies need to immediately embark on this initiative.

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


Mr. H. Unwala

  • He has over 18 years of composite experience in servicing International, large and medium sized clients in the areas of Management consultancy, Business Advisory, Fraud Investigations, Internal Audits, IT Advisory, SOX/ Clause 49 implementation assistance and Enterprise wide Risk Management.
  • Unwala currently leads a multi-skilled team of 50 + people and is involved adding value to clients across sectors. Prior to founding nmah he was a Partner & National Head of Risk Advisory Services practice of BDO in India.
  • He has also worked as a Practice Director, Business Risk Services at Grant Thornton in India. Grant Thornton is ranked as the 6th largest accounting firm globally.
  • He has played leadership roles in his career mentoring large teams, serving global clients and developing practice innovations.
  • He has made several notable contributions to professional bodies like IIA, ICAI, BCAS, ISACA, CII, Indian Audit & Accounts (C & AG) and other professional forums. He is a prolific writer and speaker and has spoken at more than 50 professional seminars, events and industry forums


Please write to 

Call -022 67256200


JW Marriott
Juhu Tara Road, Juhu, Mumbai Maharashtra 400049
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