Transcription of ICAI releases revised guidance on Internal Financial ...
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ICAI releases revised guidance on Internal Financial ...
2015 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. BackgroundUnder Section 143(3)(i) of the Companies Act, 2013 (2013 Act), an auditor of a company is required to state in his/her audit report whether the company has an adequate Internal Financial controls (IFC) system in place and the operating effectiveness of such controls. Explanation to Section 134(5)(e) of the 2013 Act defines IFC to include policies and procedures adopted by the company for ensuring orderly and efficient conduct of its business, accuracy and completeness of the accounting records, and timely preparation of reliable Financial Institute of Chartered Accountants of India (ICAI) had issued a guidance Note in November 2014.
objectives and can effectively prevent or detect errors or fraud that could result in material misstatements in the financial statements. Step –3 Operating effectiveness: Operating effectiveness of a control is tested by determining whether the control is operating as designed and whether the person performing the control
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