Internal Financial Controls-IFCOR - wirc-icai.org

Internal Controls Over Financial Reporting (ICOFR). Talk to us! Early History of Auditing : INDIA. Vishnugupta Kautilya better known as Chanakya first introduced concept of auditing in his book - Arthaniti Birbal A great auditor for Emperor Akbar. Gave him facts and solutions on several complex matters with desired evidence. requirements Companies Act 1956 Companies Act 2013. does not expressly state the requirement of Internal audit under section 138 has an expressly stated appointment of But has parked in Companies (Auditor's Report) Order, 2003 Internal auditor for better Internal control and corporate (CARO) and has also a specific requirement to comment on governance. Internal control . Further Companies Act 2013 also requires the below mentioned stakeholders to comment on adequacy on Internal control of the organization Auditors Directors Audit Committee Independent Directors Section 143(3): The Section 134(5)(e) of the Section 177(4): Every Section 149 (8) :Code auditor's report shall 2013 Act, requires the Audit Committee shall for Independent state whether the directors' responsibility act in accordance with Directors has one of its company has adequate statement of listed the terms of reference Roles and Function that Internal Financial companies to specified in writing by the i

www.anbglobal.com info@anbglobal.com CARO v/s IFC • The scope for reporting on internal financial controls is significantly larger and wider than the reporting on internal

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