IFC is important tool for cos to improve their processes and controls: CMA Alshi

Source: The Hitavada      Date: 06 Dec 2017 10:20:51


 

Business Bureau,

THE Institute of Cost Accountants of India, Nagpur Chapter recently conducted a programme for its members at the Chapter premises, Laxmi Nagar. The topic was ‘Internal Financial Control.’


CMA Nitin Alshi, Nagpur was the keynote speaker. CMA Vivek Chavan, Chairman and CMA Anil B Verma, Secretary of Nagpur Chapter of Cost Accountants welcomed guest speaker.


The guest speaker CMA Nitin Alshi, Nagpur made a power point presentation with detailed structure of ‘Internal Financial Control.’New compliance requirements regarding certification of internal financial controls (IFC) under Companies Act 2013, is proving to be an effective tool for companies to improve business processes and controls in enterprise financial reporting operations. The law requires that all companies managements (including one person company) and auditors to certify that the internal controls relating to financial reporting have been put in place, documented and operating effectively.


“In the new regime of governance, there is great opportunity for companies to improve their financial reporting and stand tall for due diligence, credit rating by outsiders including bankers by proper compliance of the requirements. Under IFC, the directors and auditors are mandatorily required to certify the correctness for all material account balances and classes of transactions of financial statements along with documenting the processes and controls implemented affecting such account balances and transactions,” he said.


“This will give all the companies an opportunity to review their core process controls and try to improve upon the areas of financial reporting which are vulnerable, critical and material. This will also assist companies to document various identified risks and mitigation plans associated with financial reporting,” he added. Present were CMA S N Mahankaliwar, Secretary of WIRC, CMA Anan Sahastrabuddhe, CMA Sreehari Chava, CMA G R Paliwal, CMA Kiran Badwe, CMA Renu Kulkarni, CMA Sonal Bakshi, CMA Kasi Viswanathan, and others.
The workshop was compered by CMA Anil B Verma.