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Internal Financial Control System
Internal Financial Control System is a set of policies, procedures, and practices implemented by an organization to ensure the reliability of financial reporting, safeguard assets, and comply with laws and regulations. For organizations, it is important to ensure that different controls relating to safeguarding assets, conducting business in an orderly and efficient manner as per company policies, preventing and detecting frauds, maintaining accuracy completeness of accounting records preparing timely reliable financial information are created and tracked. This module captures these controls and helps users ensure that the controls are working efficiently.
Risk and Control Matrix
Maintain risk and control matrices for all processes and sub-processes compliant with COSO framework. Assign responsibility for key risks and controls to fix accountability.
Self-Assessment And Testing
Control Owner to can self-certify the design as well as the operating effectiveness of the control. Workflow for approval/rejection of controls by the Manager. Auditors can test controls, attach testing proof and marks controls as Effective/Ineffective (Design Deficiency, Operational Inefficiency).
Testing of Controls
Testing of controls by the Auditor, attach testing proof, mark controls as Effective/Ineffective (Design Deficiency, Operational Inefficiency)
Alerts & Reminders
Email alerts to Owner and Managers before Control Due Dates. Escalation mails to Sr. Management. Control Submission/Approval/Rejection emails to relevant users.
Dashboard, Email Alerts and MIS
Owner and Managers get email alerts before Control Due Dates and senior management can be sent Escalation emails. Relevant users can submit, approve and reject controls. Real time Dashboards & Reports display status, timelines and responsibilities.