IFC Master Class. First edition. Delhi Mumbai Bengaluru

Transcription

1 IFC Master Class First edition Delhi Mumbai Bengaluru

2 EY is pleased to announce First edition of IFC Master Class A joint initiative by EY Risk Advisory and Accounting Advisory Companies Act, 2013 has introduced a new requirement for listed companies making the Board of Directors (Sec 134), Audit Committee (Sec 177) and Independent Directors (Sch. IV) responsible for laying down internal financial controls (IFC) and to conform on adequacy and operating effectiveness of the framework for IFC. Furthermore, under Sec 143 of the Companies Act, the 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) also have to gear themselves up to meet the requirements of IFC. The only relief is provided by the ICAI guidance note, which clarifies that the scope of external audit will be restricted to financial reporting controls only. The revised guidance note issued by the ICAI recently have also extended the requirement of opinion from the external auditors to the 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.

3 This calls for a concerted focus on the following aspects: What additional comfort will the board seek before signing off on the Director s Responsibility Report? What are the incremental efforts required for those already meeting clause 49 and CARO requirements? How do we ensure standardized and sustainable implementation across the company/group? How should the framework be demonstrated? What level of documentation will be required? How can the existing control framework be leveraged to boost the effort involved and also ensure speed of implementation? How to tackle change management in terms of advocating importance of controls across the organization? What is the scope for integrating this requirement with existing internal audit mechanism to avoid duplication of effort?

4 The two-day Master Class on IFC aims to provide complete understanding on the following: Understanding of the requirement of Internal Financial Controls (IFCs) with practical examples focusing on regulatory requirements, applicability and timelines for implementation; Understanding of the requirement for various stakeholders, including external auditors Understanding of the difference between Internal Financial Controls (IFCs) and Internal Controls Over Financial Reporting (ICOFR); Overview of the requirements stated under the revised guidance note issued by the Institute of Chartered Accountants of India (ICAI) on Internal Financial Controls Over Financial Reporting; Suggestive approach on designing and implementation of a thorough IFC Framework; Insights on the practical approach for addressing the requirements pertaining to Operational Controls & Resilience (Fraud) controls; Understanding of the practical ways of ensuring value addition through this exercise Overview of topics covered Introduction to IFC and its components Overall approach Understanding documentation with live examples and hands on experience Regulatory requirements with perspective of similar global requirements 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 IFC framework Assessing operating effectiveness along with practice sessions Focus from second year onward

5 Faculty This Master Class will be delivered by senior professionals who have extensive training experience, as well as extensive experience in delivering successful IFC implementation. Facilitators will also share leading practices and perspectives to provide a holistic understanding of challenges and pragmatic approaches of dealing with them. Who should attend? Auditors CFOs Finance Controllers Internal Audit Professionals Members of the Internal Control Departments Accounts & Finance Team Location and date Delhi 6 and 13 February 2016 Mumbai 6 and 13 February 2016 Course fee Bengaluru 13 and 20 February 2016 The fee is INR 20,000 inclusive of applicable taxes, per attendee and includes training material, lunch and refreshments. Reach out to us Delhi Ashima Talwar Mobile: ashima.talwar@in.ey.com Bengaluru Rohit Gupta Mobile: rohit13.gupta@in.ey.com Mumbai Asif Chowgule Mobile: asif.chowgule@in.ey.com For corporate enrolment or enquiry for any other/customized training program you may contact us at ey.learningsolutions@in.ey.com

6 Ernst & Young LLP EY Assurance Tax Transactions Advisory 2015 Ernst & Young LLP. Published in India. All Rights Reserved. EYIN PP