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Internal Financial Controls

The Companies Act, 2013 has imposed specific responsibilities on the Board of Directors towards the company’s internal financial controls and, inter alia, requires the Board to state that they have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

To truly unlock the value that can be achieved by adopting the internal financial controls, the management should take a step back and evaluate how it is addressing the risks to its organization in light of the company’s size, complexity, global reach, and risk profile. Companies that choose to do the right thing will unlock the value, reduce fraud risk, avoid financial reporting surprises, and support sustained business performance over the long term.

Deloitte’s internal controls specialists have provided internal financial controls and Internal Controls over Financial Reporting (ICFR) related services for leading companies. We also have considerable experience as controls testing providers and are well versed in internal financial control related requirements, tools and technologies.

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