Internal Financial Controls (IFC)

Internal financial controls are the systems and procedures put in place by a business or organization to ensure the accuracy and integrity of its financial information, safeguard its assets, and promote compliance with laws and regulations. These controls can include policies and procedures for budgeting, accounting, and financial reporting, as well as measures to prevent fraud and embezzlement.

Some examples of internal controls are:
Segregation of duties: separating the responsibilities for authorizing transactions, recording transactions, and handling cash or other assets to reduce the risk of fraud or errors.
Documentation and record-keeping: maintaining accurate and complete records of financial transactions to facilitate accurate financial reporting and auditing.
Access controls: limiting access to financial information and assets to authorized personnel only.
Monitoring and review: regularly reviewing financial information and records for accuracy, completeness, and compliance with laws and regulations.

We assist the management to evaluate the effectiveness of their internal financial controls by performing the following steps:

• Conducting walkthroughs and testing the design, implementation and operating effectiveness of key controls
• Reporting identified deficiencies to the management
• Reporting summarized findings with action plans