With the introduction of Companies Act, 2013, comes a new requirement of reporting under Clause (i) of Sub-section 3 of Section 143, for auditor, to give opinion on the internal controls over financial reporting in terms of their design and operating effectiveness of the same. This testing is commonly termed as Internal Control on Financial Reporting (ICFR).
Internal Financial Control (IFC) testing is done for listed companies only, rest all companies are required to perform ICFR testing.
IFC is a much wider term than ICFR since it covers ICFR along with testing of operational controls and anti-fraud controls.
This is applicable on all entities except those private limited companies and One-person companies having:
Our team of experts performs the IFC testing services by segregating the whole process in sections which starts with planning followed by designing a control and then implementation of that control followed by testing operating effectiveness of that control and finally reporting on the operating effectiveness of that control.
We also support our clients in yearly management testing of the controls identified in the previous year also at the same time identifying the need of designing a new control in case there is a change in the policies and procedure followed by the Company.
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