Internal Financial Controls Overview (For Beginners)
The topic gives you an overview of IFC and ICFR with the reporting to be done under IFC.
Overview of Internal Controls
Seven Internal Control Procedure Examples
Limitations of Internal Control
What is Internal Financial Controls (IFC)?
IFC and The Law
Sarbanes Oxley Act
What is ICFR?
Overview on ICFR
Law and Penalty
What is COSO and COSO Framework?
Five Components of Internal Control framework
17 Principles and focus points
What is ITGC?
General Controls
Application Controls
Overview
Assertions
Purpose and Importance
What to Test and How: Identifying Controls to Test
What to Test and How: Nature of Testing
Timing of testing
Sample Size for Testing
Under Section 143(3)(i)
In case of Consolidated Financial Statements
Internal Control over Financial Reporting (ICFR)
Enterprise Risk Management
Satyam Fraud Scam
PNB Scam
Quiz
ICAI Guidance on IFC - September 2015
Additional Reading
IFC Survey Report - Deloitte
IFC Survey Report 2020 - PWC
Internal Financial Controls
Riskpro Brochure
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