Internal Financial Control
Are you seeking a fresh and independent perspective to streamline your business processes and policies, ensuring cost containment and preventing financial leakages? Look no further! WBN Consulting is here to assist you in bolstering stakeholder confidence and rationalizing controls.
Why Internal Financial Control Matters
As per “The Companies Act, 2013,” it is essential for the Directors Responsibility Report to include a section on the adequacy and effectiveness of Internal Financial Controls within the company.
The Auditor is also responsible for reporting on the presence and effectiveness of these controls with respect to financial statements. Additionally, the Audit Committee is mandated to evaluate the sufficiency of financial controls.
At WBN Consulting, our proficient auditors are equipped with cutting-edge techniques and methodologies to meticulously assess your company’s Internal Financial Control. We conduct in-depth examinations of your policies, procedures, transactions, and adherence to accepted accounting principles, all while scrutinizing receipts and expenditures.
Embrace the power of Internal Financial Control with WBN Consulting and take your business to new heights of efficiency and reliability. Get in touch with us right now to start this life-changing adventure.
Benefits of Implementing IFC
- Heightened senior management accountability and responsibility.
- Increased trust among investors in the entity’s operations and financial reporting procedures.
- Timely creation of reliable and insightful financial information.
- Reduction of fraud and errors through proactive prevention.
Our IFC Approach
Preparation
We identify the applicable statutory reporting framework for your entity and determine key business functions/departments/divisions.
Understanding
Thoroughly comprehending your existing controls ensures accurate accounting records, fraud and error prevention, asset safeguarding, and improved operational effectiveness.
Assessment
We evaluate your current controls, aligning them with your business and reporting requirements, while identifying any deviations from optimal standards.
Recommendations
To achieve the stated objectives, we propose enhancements to existing controls and conduct performance tests to validate their effectiveness. Our guidance extends to improving compliance and control implementation.
Why IFC is Essential
- Fresh Perspective: Provides a fresh and independent evaluation of business processes.
- Process Uniformity: Assists multinational corporations in achieving process and policy uniformity.
- Cost Containment: Helps contain costs and prevent leaks.
- Enhanced Stakeholder Confidence: Boosts stakeholder confidence through improved controls and rationalization.
Why Choose WBN Consulting
- We provide a fresh and independent outlook on your business processes.
- For multinational corporations, we facilitate the standardization of processes and policies.
- We help contain costs and prevent financial leakages.
- Our expertise inspires greater stakeholder confidence while rationalizing controls.
What Sets WBN Consulting Apart
- Our team specializes in developing and delivering process flows and risk control matrices.
- Detailed testing and result reports empower management to make informed decisions.
- We collaborate closely with clients to comprehend pertinent issues and offer effective solutions.
