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BNK INTRANET

INTERNAL FINANCIAL CONTROLS REPORTING

HOME > INTERNAL FINANCIAL CONTROLS REPORTING

A list of various processes in the organization where internal controls can be defined in such a way which ensure the orderly and efficient conduct of its business, including adherence to organization’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the records, and the timely preparation of reliable information.

Top 20 areas / processes in the organisation where internal controls can be strengthened:


1. Human resources / contract labour / man power supply agency

2. Inventory / warehouse operations

3. Security gate operations

4. Procurement and vendor management

5. Production operations (includes yield, waste / scrap)

6. In-house production / outside job work / third party operations

7. Quality check operations

8. Logistics / supply chain / distribution / branch / CFA operations

9. Product Sales operations and customer management

10. Services Sales operations and customer management

11. Advertisement and sales promotion activities

12. Accounts, accounting standards, budgets and cost management

13. Safety measures, insurance coverage and claims tracking

14. Direct and indirect taxes

15. Corporate law & legal compliances

16. Commercial and other laws

17. Fixed asset / capex

18. Finance and treasury management

19. ERP / SAP / portals / customised software / e-systemFF

20. Management information system / strategic management committee

How BNK can partner you in Effective IFC Implementation path:


The process of complying with the new requirement mandated by Companies Act, 2013 requires effective planning, knowledgeable resources and effective communication. The implementation process also includes in its ambit understanding the complexities of the business and adhering to controlled timelines.

To comply with the said aspects we at BNK can offer following to the company:

  Educating board and audit committee with respect to Internal Financial Controls and factors to be considered for building up efficient and effective control framework

  Review of existing business processes, control activities, internal control framework and finding and reducing the gap between existing processes and the process which company should have for effective Financial controls

  Mapping existing business processes, providing advise and recommendations on potential gaps and enhancements to business and IT processes

  Take adequate steps for process improvements which involves following aspects

  • Risk Assessment
  • Evaluating quality of information
  • Monitoring
  • Helping management in review of controls
  • Use of analytics


  Reviewing effectiveness of other control functions to achieve control framework requirement

  Advising management on potential opportunities in control framework in operational areas

  Imparting training to employees for their role in the overall internal controls process