Internal Control over Financial Reporting (ICFR)

Risk Management Development Programmes

Course Overview:

  1. Understanding types of Control –
  • Operating Controls – for multiple processes
  • Financial Controls
  • Financial Reporting Controls
  • Difference between Operating vs Financial Reporting Control
  1. Concept of ICFR
  • Definition of ICFR and its interpretation
  • Accounting Standards on ICFR and its interpretation
  • Concept of Materiality & its applicability
  • ICFR Planning – Risk Assessment, Qualitative and Quantitative assessments, planning and communication
  1. Implementation of ICFR / ICFR Audits
  • Effective process understanding capture techniques – process steps, roles and responsibilities
  • Concept of Test of Design (TOD) – how to conduct process walkthroughs, identification and capturing of deficiencies
  • Concept of Test of Effectiveness (TOE) – test plans, attribute testing, testing templates, maintenance of working papers
  1. Role of IT General Controls (ITGC) in Financial Reporting
  • ITGC impacting Financial Reporting
  • Testing of ITGC impacting Financial Reporting
  1. Reporting ICFR testing results
  • Concept of Significant Deficiency and Materiality weakness
  • Reporting guidelines and Best Practices

6th and 7th April 2017

GRMI – Gurgaon Campus


Subhashis Nath

Subhashis is a Senior Global Partner and Executive Director at Axis Risk Consulting Services Pvt Ltd, a Genpact company. He was the founder partner of Axis Risk Consulting in September, 2004. Prior to Axis, he spent nearly 2 years with the Global Center of Excellence of Ernst & Young, and about 9 years with Arthur Andersen. He was part of the core team that built Risk Consulting practice of Arthur Andersen in India. Subhashis has been focusing on Enterprise Risk & Compliance for the last 20+ years and brings deep domain knowledge around specific solutions, such as Anti Corruption, ERM, Third Party Risk Management, Internal Audit & SOX. He has experience in building Centers of Excellence for global majors, along with implementing hybrid delivery model, combining on-shore and off-shore solution delivery.

Dilip Bidani

Mr Dilip Bidani has spent 27 years with premier groups across FMCG and Services Industries, of which over 13 years as CFO/ Board Member. Currently, he is the CFO at Dr Lal PathLabs, Gurgaon. Prior to this, he was the Director Finance at Avon Beauty Products India Pvt Ltd and a Director – Finance & Operations at Orbis Financial Corporation Ltd. He has also worked with Manpower India, Mother Dairy and Hindustan Unilever Ltd in various capacities. He holds a PGDM (MBA) from IIM Ahmedabad and is a Chartered Accountant from ICAI.

Payment Options:

  1. Demand Draft – payable at New Delhi or a Pan India cheque payable at par drawn in favor of ‘Risk Educators Pvt. Ltd.’
  2. Electronic Fund Transfer – ECS in Indian Rupees. For credit to Current A/c No.7411484818 Risk Educators Pvt. Ltd., New Delhi with Kotak Bank, (IFSC Code : KKBK0000172)

Group Discount: Any organization sponsoring 3 or more participants to a programme will be entitled to a discount of 10% on the total fee payable provided the participants actually attend the programme.

Early Registration discount – Nominations received with payments on or before 15 days to the start of the programme, will be entitled to an early bird discount of 10%. Early submission of fee and nomination does not, however, guarantee acceptance of application.

Organizations can avail themselves of both the discounts subject to a maximum overall discount of 15%.

Cancellation – The programme fee should be received at the RMDP office before the programme commencement date. In case of cancellations, the fee will be refunded only if a request is received at least 15 days prior to the start of the programme. If a nomination is not accepted, the fee will be refunded to the person / organization concerned.

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