Robust internal controls within an organization are no longer just a good practice, they are now a legal requirement. In the United States, the Sarbanes-Oxley Act of 2002 (SOX) requires reporting and certification of internal controls by both management and auditors. Similarly, in India, the Companies Act 2013 mandates reporting on Internal Financial Controls (IFC). The violation of these rules as established in the Company Act 2013 could lead to stringent measures and repercussions. Both of these legislations require periodic reporting on the state of internal controls by management and auditors, including those embedded in IT systems.
To avoid any unforeseen events, Yogada offers a complete framework service. We design the framework for all business processes to avoid any probable violations. Our team conducts tests and updates existing documented controls and processes to help the client gain closure from the auditor.
Early detection of any deviations or errors helps in saving time and extra cost. This might also help in identifying redundant expenses which could be eliminated.
Our Service Benefits includes,
- Safer and regulated framework.
- Compliance with government norms and laws.
- Identifying anomalies and unnecessary expenditures.
Frequently Asked Questions
Yes, Yogada provides complete IFC / ICOFR framework of all business processes in accordance with the Companies Act 2013 which will helps the statutory auditor of your organization to have positive reporting of IFC in audit report.
No.! Risk of fraud cannot be eliminated 100%. However, it can be brought down significantly by applying various controls over the processes.
Our Other Services
Standard Operating Procedures (SOPs)
We create technology driven design structure and provide appropriate training.
IFC/ SOX
Test & Update. We create and assist in implementing the framework.
Internal Audit
Develop Continuous Monitoring to help detect potential fraud & process risk.
Pre-Payment Audit
Ensuring timeliness of Project Phase by mitigating extensions & financial cost.
Diagnostic Review
Creating Synergy in management of established processes and identifying profit opportunities.
Physical Verification/ Wall-to-wall count
Identify probable deviations by verification of physical assets.
Due Diligence
A survey of compliance position and true book value to avoid additional costs.
Process Optimization
Cost efficient methods driven by state-of-art technology. Designed on a case-to-case basis.
Dashboards
Bird-eye view of mandatory everyday business practices. An overview of organization’s operations.
Commercial Drafting
Systematic drafting of agreements and contracts to strengthen legal position against fraudulent practices.