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Internal Financial Control
[/et_pb_text][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” text_font_size=”15″ use_border_color=”off” border_color=”#ffffff” border_style=”solid”]One of the significant implications of companies act 2013 is reporting responsibilities of directors and auditors with regard to internal financial controls. The directors are responsible for laying down the internal financial controls to be followed by the company and also to ensure that such controls are adequate and operating effectively. In addition, directors are required to specifically include a statement regarding this in their board report.
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Applicability of Internal Financial Control
[/et_pb_text][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” text_font_size=”15″ use_border_color=”off” border_color=”#ffffff” border_style=”solid”]Internal Financial Control is applicable to all the companies, Related exemption from Internal Financial Control has been given by MCA by issuing notification dated 13th June 2017 to following companies i.e :
[/et_pb_text][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” text_font_size=”15″ use_border_color=”off” border_color=”#ffffff” border_style=”solid”]- One person Company (OPC) or a Small Company; or
- Company having turnover less than Rs. 50 Crores as per latest audited financial statement or which is having aggregate borrowings from banks or financial institutions or any body corporate at time during the financial year less than Rs. 25 Crore.
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Features
[/et_pb_text][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” text_font_size=”15″ use_border_color=”off” border_color=”#ffffff” border_style=”solid”]Internal financial controls are defined as per companies act 2013 as policies and procedures adopted by the company and its management for ensuring:
[/et_pb_text][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” text_font_size=”15″ use_border_color=”off” border_color=”#ffffff” border_style=”solid”]- For orderly and efficiently conduct of the business according to the company policy.
- Ensuing safeguarding of company assets.
- To prevention and detection of frauds and errors Maintaining accuracy and completeness of accounting records and
- In time preparation of reliable financial information.
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Vincyte approach to Internal Financial Control
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- Defining materiality and scope
- Discuss and agreement with statutory auditors
- Focus on key risks
- Include all elements i.e process, it and fraud
- Develop documentation
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- Assess materiality and prioritize areas for improvement.
- Focus on compensating controls.
- Phase wise testing controls
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Get In Touch
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Vincyte
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New Business
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[/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"]Private Company Registration Process
[/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] One Person Company Registration [/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] [/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] [/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] Sole Proprietorship Firm [/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] Foreign Company Registration [/et_pb_text][et_pb_divider admin_label="Divider" color="#ffffff" show_divider="off" divider_style="solid" divider_position="top" hide_on_mobile="on" height="20"] [/et_pb_divider][et_pb_text admin_label="head" background_layout="light" text_orientation="left" text_font="Ubuntu|on|||" text_text_color="#662992" use_border_color="off" border_color="#ffffff" border_style="solid"] NGO [/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] Section 8 Company [/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] Society Registration Service [/et_pb_text][et_pb_text admin_label="Sub head" background_layout="light" text_orientation="left" text_text_color="#000000" use_border_color="off" border_color="#ffffff" border_style="solid"] Trust Registration Service [/et_pb_text]
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Retainership Services
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Accounts Outsourcing Service
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Payroll Outsourcing
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Vendor Reconciliation
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Заходите в казино pokerdom и наслаждайтесь атмосферой удачи и возможностью выиграть большие денежные призы.
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