Pronouncements of the ICAI applicable to preparation of financial statements and financial reporting Adequate care shall be taken to incorporate the effects of modifications to existing regulations and pronouncements. Any new pronouncements impacting the financial accounting, closure process or reporting requirements will be reviewed internally, approved as per Authority matrix and incorporated in the appropriate checklist, SOP or templates. Knowledge update provided by the statutory auditors or other accounting/law firms from time to time may be reviewed and where appropriate, to be considered for updating respective checklist. The CFO is required to hold a formal meeting with the statutory auditors to confirm that all additional reporting requirements for the financial year have been duly identified by the company if – there has been a miss out, the same may be incorporated after review. 2. System Environment Senior Person CFO or By end List all the systems from which of A & F equivalent December/ data will flow into financial Dept. position January statements either directly or indirectly. Proposed changes/ enhancements to the IT applications which have a bearing on the financial closure process or the financial statements need to be pre-approved by the Finance Department as per authority matrix.
Pronouncements of the ICAI applicable to preparation of financial statements and financial reporting Adequate care shall be taken to incorporate the effects of modifications to existing regulations and pronouncements. Any new pronouncements impacting the financial accounting, closure process or reporting requirements will be reviewed internally, approved as per Authority matrix and incorporated in the appropriate checklist, SOP or templates. Knowledge update provided by the statutory auditors or other accounting/law firms from time to time may be reviewed and where appropriate, to be considered for updating respective checklist. The CFO is required to hold a formal meeting with the statutory auditors to confirm that all additional reporting requirements for the financial year have been duly identified by the company – if there has been a miss out, the same may be incorporated after review. 2. System Environment List all the systems from which data will flow into financial statements either directly or indirectly. Proposed changes/ enhancements to the IT applications which have a bearing on the financial closure process or the financial statements need to be pre-approved by the Finance Department as per authority matrix. Senior Person of A & F Dept. CFO or equivalent position By end December/ January
DraftoffinancialClosurePolicywithchecklists.docx