Internal financial controls are a must not only to detect and curb fraud but also to maximise companies’ resources, say experts. According to PR Ramesh, Chairman, Deloitte India, internal financial control measure is not a destination, but a continuous process.
“Internal controls provide a reasonable assurance for the management to prevent fraud,” Ramesh said at a seminar on 'Internal Financial Controls (IFC) and Fraud Detection' organised by CII here on Saturday.
Chairman, Governance Task Force, CII, Eastern Region and Managing Director, linde India ltd, Moloy Banerjee, strongly advocated adopting IFC measures saying it increases organisations’ effectiveness in operations, which in turn boosts investors’ confidence. According to him, internal controls should be dynamic in nature and must be designed as per requirements.