International Financial Services Centres Authority (IFSCA) is a regulatory authority having a global interface regulating various financial services organizations being established in various financial centres.
The authority has got powers vested by the Govt. with special statute and started organized operations some time in 2019-20. Some time after inception the authority, they have been taking consulting services from Altobooks. The authority found themselves in an ambiguous situation where there was no one to question their finances apparently. However, being a public organization, they are subject to intense scrutiny from the public and the Govt. Having limited staff strength, growing budget strain and growing operations, the authority’s financial matters where in a disarray like of a typical start up.
After associating with the company, Altobooks team has taken following steps:
Organize an accounting system suitable for Govt. / public establishment
Advice on budget utilization and financial matters of the authority
Obtaining necessary licences, registrations for statutory compliances
Setting up Compliance Management schedules
Set up management reporting structure for finance function
Set up one of the most complex payroll system
Set up internal control systems for the organization
As of 2022, IFSCA has emerged as one of the prominent regulatory organizations. Altobooks is a proud consulting partner of IFSCA and assists the authority in following matters.