Internal Financial Controls (IFC)/ Internal Controls on Financial Reporting (ICFR)

As per section 143(3)(i) of the Companies Act, 2013, the statutory auditor’s report shall state if the company has adequate internal financial control concerning the financial statement in place and its operating effectiveness. Further, the director’s responsibility u/s 134(5)(e) of the Companies Act, 2013 requires directors of the listed companies to laid down internal financial controls to be followed by the company and that such financial controls are adequate and are operating effectively.

Assess potential risk and control metrics in a defined template containing, risk control reference, frequency, tech/non-tech nature control, etc. A critical review of existing established processes and identification of all possible improvements in the from of the design gap.