Internal Finance Control (IFC) Audit Checklist

Internal Finance Control (IFC) Audit Checklist Software Intro

An Internal Finance Control (IFC) audit checklist is an invaluable tool for comparing a business’s practices and processes to the requirements set out by ISO standards.Internal Finance Control (IFC) audit is an independent assessment of how effective an organization’s risk management, processes, and general governance is. The Internal Finance Control (IFC) audit checklist contains everything needed to complete an Internal Finance Control (IFC) audit accurately and efficiently.

Internal Finance Control (IFC) audits can be scheduled as frequently as your organization determines is needed in order to improve processes. Some businesses schedule audits once a year, every quarter, or even once a month, at most.

Internal Finance Control (IFC) Audit Checklist Areas

The Internal Finance Control (IFC) audits will review a few areas of your organization, including::

  • Standards
  • Areas subject to improvement
  • Effectiveness of the system

Steps & Sub-Steps to be Checked Under a Internal Finance Control (IFC) Audit Checklist

Audit Planning Audit Closure Accounts & Finance
Task_Assignment Assignment Closure Accounts Payable Process
Assignment Planning Accounts Receivable Process
Emgagement Bank Payment Process
Engagement Documentation Bank Receipt Process
Bank Reconciliation Sub process
Cash Payment
Customer Code Creation - Dealers
Customer Code Creation - Other Than Dealers Process
Customer Inactive Process
Debtor Creditor Reco Process

Accounts & Finance Accounts & Finance Commercial Department
Depreciation Disposal of Fixed assets Cash Inflow Planning
Fixed Assets Bookings Fixed Assets Bookings Channel Financing
Form 16/16A Freight Booking Process Credit Note
General ledger Closing and Financial Reporting (Year End) General ledger Closing and Financial statement (Quarter End) Debit Note
Goods in Transit Sub process GST Return Dispatch Instructions
Inventory valuation Statutory Payment Enhancement of Credit limit
TDS Return VAT Return Process New Credit Limit
Yearly Dealers Review

Control Testing Depot Execution
Test of Controls Depot Management - Dispatch/Sales Process Execution
Test of Design Depot Management - Form C Process Execution Documentation Grp 1
Depot Management - Material Receipt Process Execution Documentation Grp 2
Depot Management - Physical Stock Verification Process Execution Documentation Grp 3
Depot Management - Transporter Invoicing Process Execution Documentation Grp 4
IFC Policy

Export Import - Commercial Financing Human Resource
Export - Dispatch Processing Bank Guarantee - EMD Exit Process
Export - Licensing Bank Guarantee (Fund based) Full and Final Process
Import Process Buyer Credit (Non Fund Based) Insurance Process
Drawing Power Estimation Leave Process
Packing Credit Payroll/Salary Processing
Purchase - Letter of Credit (Non Fund Based) Performance Appraisal
Sales - Letter of Credit Recruitment Process
Term Loan Tour & Travel bills process
Working Capital Tour & Travel Requisition Process

ICOEFR IT Process IT Processes - ERP
Risk Control Matrices IT Processes - IT Link New User Creation Process
IT Processes - New User Creation Support Service Process
IT Processes - Server Management
IT Processes - Support Ticket Process

Legal & Secretarial Legal & Secretarial Logistics Process
Agreements - Business Related Agreements - C&F Agent Excise Return
Agreements - Normal Course Annual General Meeting Logistic Processes
Annual/ROC Filing Process Board Meeting
Committee Meeting Contingent Liabilities
Dividend Declaration & Payment Process E-Voting Process
Investments Quoted Legal Suit Against Company
Legal Suit Recovery Initiated By Company Public Deposits

Maintenance Department Marketing Process Production Planning Control
Breakdown Maintenance Handling Domestic Marketing Planning – Work Order Amendment
Line Walk - Maintenance Process International Marketing Planning – Daily Production Monitoring Process
Preventive Maintenance Scheduling Marketing Distribution Planning - Production Order Planning Process
Project Work Marketing Institutional Planning - Production Order Planning Process - House wires and Flexi Cables
Root Cause Analysis Rejection Handling Process Planning -Job Card Creation Process

Purchase Department Purchase Department Quality
Breakdown Maintenance Process Final Inspection Process Final Inspection Process
In Process Inspection Process Line Walk - Production Process In-Process Inspection
Preventive Maintenance Process Production Execution Raw Material Inspection
Production Planning Production Planning and Execution
Production Planning and Execution – SS Wires Purchase - Other Than Raw Material or Consumables Process
Purchase - Purchase Order Amendment Process Purchase - Raw Material Planning & Purchase Process Revised
Purchase - Vendor Development Process Purchase Return Process
Scrap Handling and Management Scrap Sales

Report Revenue Stores
Final Deliveries & Reports Revenue - NBFC Consumable Receipt & Issue Process
Report MRN Preparation
Receipt Process (IT)
Stock Issue Process (IT)
Stores Department Treasury
Consumable Items Receipt and Gate Entry Process Advances - Export
Machine Parts sent for Repairing Advances - Import
Material / Consumable Items Outward Process Buyers Credit
Physical verification of Stores Export Bills
Raw Material Planning Import Treasury
Raw Material Receipts and Gate Entry Process
Raw Material/Consumable Item Rejection Handling Process