IFC/ICFR and SOX Compliances

We assist organizations in implementing and testing IFC, ICFR, and SOX frameworks to strengthen financial controls, ensure compliance, and enhance transparency in financial reporting.

We offer end-to-end support for IFC (Internal Financial Controls), ICFR (Internal Controls over Financial Reporting), and SOX (Sarbanes-Oxley Act) compliance. Our services include risk assessment, control design, documentation, testing, and remediation to ensure robust financial governance. We tailor our approach to meet regulatory requirements such as the Companies Act, 2013 (India) and SOX (U.S.), enabling clients to strengthen internal controls, enhance transparency, and prepare for audits. Our expertise helps clients minimize financial risks, improve reporting accuracy, and maintain stakeholder trust.

What is IFC/ICFR and SOX Compliances?

Standardization of Controls

IFC/ICFR and SOX services ensure consistent and robust internal controls across processes, promoting transparency, reliability, and accountability in financial reporting.
Risk Advisory

These services provide expert guidance on control design and effectiveness, helping organizations identify and address control gaps and operational risks proactively.
Audit Readiness Support

By documenting, testing, and remediating controls, these services prepare organizations for smooth external audits, minimizing surprises and enhancing confidence in compliance.

Our Process

01.

Initial Client Discussion

Understand the client’s business, compliance requirements (IFC, ICFR, SOX), and current control environment.
02.

Preliminary Risk and Gap Assessment

Conduct a high-level review to identify key financial reporting risks, existing controls, and potential gaps.
03.

Scoping and Requirements Definition

Define the scope based on applicable regulations, business complexity, and stakeholder expectations.
04.

Approach and Methodology Design

Develop a customized review approach including control testing, documentation, and timelines.
05.

Resource and Effort Estimation

Estimate the effort, team structure, and duration required for the engagement.
06.

Proposal Submission

Prepare and present a detailed proposal covering scope, methodology, deliverables, timelines, and commercials.

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We Are Here To Help

1. What is the process for implementing IFC in an Indian company?

Implementing IFC involves risk assessment, designing control frameworks (e.g., COSO), testing controls, and continuous monitoring to ensure compliance with the Companies Act, 2013, and other regulations.

2. Can IFC and SOX services benefit startups and SMEs in India?

Yes, IFC services help startups and SMEs establish strong financial governance, improve investor confidence, and ensure compliance with statutory requirements, while SOX applies to those with U.S. affiliations.

3. What role do IFC and SOX services play in preventing financial fraud?

IFC and SOX services implement robust controls, segregation of duties, and regular audits to detect and prevent financial irregularities, safeguarding assets and ensuring trust in financial reporting.

4. How can technology enhance IFC and SOX compliance in India?

Advanced tools like data analytics, AI, and automation streamline control testing, monitor transactions in real time, and identify control gaps, improving efficiency and compliance for Indian businesses.

5. How do IFC services help Indian companies comply with SEBI regulations?

IFC services ensure compliance with SEBI’s Listing Obligations and Disclosure Requirements (LODR) by reviewing financial reporting processes, ensuring transparency, and aligning with corporate governance standards.

IFC/ICFR and SOX Compliances Solutions

How TRC's IFC/ICFR and SOX Compliances Solutions Help Your Company?

We reimagine IFC/ICFR and SOX Compliances to enhance compliance, boost brand value, and drive growth. Partner with us to unlock your business’s full potential.

Address

Enkay Square, Plot No - 448A, 6th Floor, Udyog Vihar, Phase- V, Sector 19, Gurugram, Haryana - 122016

Email address

business@trcconsulting.org

Mobile number

+91–8882828822

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