INTERNAL FINANCIAL CONTROL AND ITS BENEFITS

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2 STANDING CONFERENCE OFPUBLIC ENTERPRISES COMMITTEE ON PUBLIC FINANCE & GOVERNMENT ACCOUNTING THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (SET UP BY AN ACT OF PARLIAMENT) INTERNAL FINANCIAL CONTROL AND ITS BENEFITS Date Thursday 17th & Friday 18th November 2016 Timings A.M. to P.M. Venue SCOPE CONVENTION CENTRE, SCOPE COMPLEX, 7- LODI ROAD, NEW DELHI JOINTLY ORGANISED BY STANDING CONFERENCE OF PUBLIC ENTERPRISES & THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

3 PROGRAM PERSPECTIVE Internal Financial control assists organizations in making informed decisions about the level of risk that they want to take and implementing the necessary controls to effectively pursue their objectives. Internal Financial control is therefore important aspects of an organization s governance, management, and operations. Successful organizations integrate effective governance structures and processes with performance-focused risk management and internal control at every level of an organization and across all operations. Internal Financial controls provide important benefits to your department by improving the quality of accounting information, and it reduces the possibility of mismanagement, error and fraud. Segregation of duties is the cornerstone of internal financial control. It is a coordinated system of checks and balances in which tasks necessary to complete a transaction either are performed by different individuals, two or more individuals working in tandem, or the tasks are independently reviewed. However, internal financial control is not objectives in themselves. They should always be considered when setting and achieving organizational objectives and creating, enhancing, and protecting stakeholder value. TOPICS COVERED IN THE PROGRAMME Introduction to Internal Control Component of Internal Control Role of internal Audit in Internal Financial Control Role of External Audit in Internal Financial Control Auditing Standard for Internal Auditors Audit methodology understanding Audit Risk Examples of checking Internal Financial Control Roles and Responsibility of Internal Control

4 PARTICIPATION The participants shall be senior management personnel, including CEOs/ CFOs/ Functional as well as Independent Directors from the member CPSEs. ABOUT SCOPE Standing Conference of Public Enterprises (SCOPE) is an apex professional organization representing the central public enterprises. It also has some state enterprises, banks and other institutions as its members. SCOPE s objective is to promote excellence in organizations where Government investment is involved. Its vision is to enable member enterprises to be globally competitive in a market-driven environment. ABOUT THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (ICAI) The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. During its more than six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI has always been proactively supporting all endeavors of the Government as part of its role in aiding towards better governance. ABOUT THE COMMITTEE ON PUBLIC FINANCE AND GOVERNMENT ACCOUNTING Committee on Public Finance and Government Accounting has been constituted to extend professional excellence of Chartered Accountants in the area of Public Finance and Government

5 Accounting. It is one of the technical Committee of ICAI. The Committee is focusing not only in the areas of financial reporting, accounting and auditing but is also laying emphasis on issues on Public Finance and Government Accounting. FACULTY The Faculty would be drawn from highly qualified professionals identified by the ICAI. PARTICIPATION FEE & NOMINATION The participation fee of Rs 14,500/ (Non Residential) plus taxes as applicable (Rs 16675/ inclusive of taxes ) is payable by Cheque/DD favoring Standing Conference of Public Enterprises. Payment can also be made through ECS mode to Dena Bank, SCOPE Complex branch, Lodi Road, New Delhi (Saving Bank Account No MICR Code IFSC/RTGS code BKDN The number of participants will be limited so that participants are able to benefit from the individual interaction with the faculty. The upper limit to the number will thus be frozen. It is therefore requested that nominations may be sent at the earliest so that they are received latest by 7 th November 2016 as nominations will be confirmed on first come first served basis. A group discount of ten percent of the participation fee is allowed in case of three or more nominations are received from the same company. CPE CREDITS Members of the Institute of Chartered Accountants of India (ICAI) attending the program will be entitled to CPE credits as per the ICAI norms. The total CPE credit will be 12 CPE hours

6 OUTSTATION PARTICIPANTS Outstation participants are requested to get confirmation from SCOPE before proceeding to the venue of the program. NOMINATIONS Nominations may please be forwarded / mailed to: Advisor (Finance) Standing Conference of Public Enterprises Core-8, First Floor,SCOPE Complex, 7-Lodi Road, New Delhi) (advisor.fin.scope@gmail.com) For any further query regarding nomination and registration, kindly contact the Program Coordinators: SCOPE MR.B.V.K.K.RAO Tel: Mail id : advisor.fin.scope@gmail.com ICAI Secretary CPF & GA Tel: / Mail id : cpf.ga@icai.in

7 STANDING CONFERENCE OF PUBLIC ENTERPRISES IND AS (IFRS) IMPLEMENTATION COMMITTEEOF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (STATUTORY BODY UNDER AN ACT OF PARLIAMENT) REGISTRATION FORM PROGRAM INTERNAL FINANCIAL CONTROL AND ITS BENEFITS VENUE SCOPE CONVENTION CENTRE, SCOPE COMPLEX, LODI ROAD NEW DELHI. DATE 17th & 18th November 2016 Please register the names of the following person s for the above mentioned program: NAME ( IN BLOCK LETTERS) DESIGNATION (IN BLOCK LETTERS) CONTACT NOS. ID NOMINATING AUTHORITY.. NAME & DESIGNATION. ORGANIZATION S ADDRESS..