Finteglaw has designed and developed a total e-solution for online management of various Audit programs. Based on the alerts generated the Auditee uploads the audit evidences in to eGa vel Audit and the same will be audited on a real-time basis by the CS LLP associated with Finteglaw.
eGavel Audit ensures that the audit observations on non-compliance with various statutory and regulatory compliances are minimised. Resulting in transparent audit trails in compliance, it gives total comfort to the top management and the Board of Directors. Apart from obviating regulatory risks it also inculcates a culture of corporate governance within the organisation.
The Companies Act, 2013 has adopted a Governance based approach in conducting the affairs of the company. Under Section 134 (5)(e) in the case of a listed company, the Directors Responsibility Statement shall include a declaration from Director that Internal Financial Controls (IFC) to be followed by the company and that such IFCs are adequate and were operating effectively. Section 143 (3) (i) requires the auditor’s report to state whether the company has adequate internal financial control system in place and the operating effectiveness of such controls. According to Section 177 (4) (vii), the Audit Committee shall act in accordance with the terms of reference specified in writing by the Board pertaining to evaluation of IFC. Section 177(5) requires the Audit Committee to call for the comments of the Auditors about the IFC before submission to the Board. Section 149(8) read with Schedule IV of the Companies Act 2013, puts the onus on Independent Directors to ensure that the financial controls and risk management systems are robust and defensible.