Audit of internal financial control over financial reporting

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i need to conduct an ifc audit. i have referred the guidance note on the same but am confused on how to frame a questionnaire or check list for performing the audit.... please help
Replies (3)

As per my understanding of your query

Before preparing the questionnaire, divide the work into various modules then design checklist on the basis of risk involved in the particular module

For example

Financial controls in cash, bank, capital expenditure payment etc...

Sample questions for cash is

Any limit is prescribed to maintain the standard balance of cash in hand (Maximum limit)

Whether any payment made in excess of 20K

Any petty cash system is available

Whether cash insurance is available

For cash payment, special authorisation is available or not

 

 

hi. request for a sample IFC checklist for review of Housing Finance Company. can tweak the same as per our internal requirement - need the basic framework urgently. Thanks in advance

If one or more material weaknesses exist, the company's internal control over financial reporting cannot be considered effective. The auditor's objective in an audit of internal control over financial reporting is to express an opinion on the effectiveness of the company's internal control over financial reporting

Internal Control over Financial Reporting (ICFR) is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.


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