Hrudyaa helps organisations understand how their key financial processes operate, where control gaps exist and how to design a more reliable control environment.
Enquire About IFC ScopingInternal Financial Controls (IFC) advisory from Hrudyaa is designed to give management a structured, independent view of how financial controls operate across the organisation's key processes. Our work typically includes process documentation, risk identification, control evaluation and gap analysis.
| Activity | What It Involves |
|---|---|
| Process Walkthroughs | Structured walk through each financial process with process owners, documenting how transactions flow from initiation to recording in the financial statements. |
| Risk Identification | Identifying the financial reporting risks inherent in each process: where errors, omissions or fraud could occur and go undetected. |
| Control Design Review | Evaluating whether controls are designed to address the identified risks, including the nature of controls (preventive vs. detective, manual vs. system-enabled). |
| Risk and Control Matrix (RCM) | Producing a consolidated matrix mapping risks to controls by process, providing an overview of the control environment. |
| Gap Register | Documenting design gaps and areas where controls are absent, weak or redundant, with a management assessment of priority and impact. |
| Remediation Support | Where required, supporting management to design new controls, revise existing ones or update SOPs to address identified gaps. |
The specific processes included in an IFC engagement depend on the organisation's size, industry and risk areas. Common coverage includes:
IFC engagement deliverables are designed to be used by management and boards, not filed in an audit archive. Standard deliverables include:
Written description of each process covering inputs, activities, outputs, responsible roles and control points.
Visual representation of each financial process highlighting control activities and decision points.
Consolidated matrix documenting risks, existing controls, control type, frequency and effectiveness assessment for each process.
Summary of design gaps identified, risk rating, impact assessment and recommended remediation actions.
Executive-level summary of key findings, priority areas and overall assessment of the control environment, suitable for board or audit committee presentation.
Where included in scope, a structured plan with recommended controls, owners and timelines for addressing identified gaps.
Note: Hrudyaa's IFC advisory and review work is advisory in nature and is distinct from a statutory auditor's opinion on IFC under the Companies Act. Organisations subject to statutory IFC reporting obligations should consult their statutory auditors regarding those requirements.
Every IFC engagement begins with a scoping discussion to understand the organisation, the processes to be covered, the number of locations and the specific objectives. Scope determines cost and timeline. For most SME and mid-market organisations, an initial scoping call of 30 to 45 minutes is sufficient to provide a proposal.
Hrudyaa's IFC advisory work is advisory and review in nature. It is distinct from a statutory auditor's opinion on Internal Financial Controls Over Financial Reporting (ICFR) under the Companies Act. Organisations with statutory IFC reporting obligations should engage their statutory auditors for that purpose. Our work is best used as a management tool: to understand process risks, strengthen controls and improve financial governance ahead of or alongside statutory review.
Contact Hrudyaa to discuss your organisation's IFC requirements and receive a tailored proposal covering scope, timeline and approach.
Contact Hrudyaa