SETUP AND IMPLEMENTATION OF FINANCIAL CONTROLS

Financial controls and its implementation is a mandatory statutory requirement from the FY 2015-2016. At Constellation Blu we believe that other then it being a mandatory requirement, it can have a major impact on a business in multiple ways. With financial controls in place chances of fraud and leakages minimize. This is very important for early stage companies as they are in course of developing a foundation for a scaling up at pace.

A comprehensive FC plan includes:

• Preparation of process flows for all the key and critical processes of the business
• Preparation of flow charts with details on role and responsibilities for these processes
• Preparing risk control matrix
• Identifying controls that are required to be implement
• Performing walkthroughs
• Assisting auditors in audit of financial controls of the company
• Quarterly checks / tests on the implemented controls