Internal Financial Controls - WIRC-ICAI

Internal Financial Controls 7th January, 2017. WIRC of ICAI. Why Internal Financial Controls (IFC)? 2 2017 Protiviti. CONFIDENTIAL: This document is for your Company's Internal use only and may not be copied nor distributed to another third party. Internal Financial Controls (IFC) - Background A substantial step in making regulations more coherent, Companies Act, 2013 had introduced the concept of Internal Financial Controls (IFC) under section 134. Directors' responsibilities on IFC is laid down under section 134 (3) (c) read with section 134 (5) (e). The Auditor's responsibilities towards IFC reporting was laid down in section 143 (3) (i). The Audit Committee's terms of reference on IFC is laid down under section 177 (4) (vii). IFCs have been defined under section 134 (5) (e) as following: The policies and procedures adopted by the company to ensure orderly and efficient conduct of its business, including adherence to company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and the timely preparation of reliable Financial information.

The Audit Committee’sterms of reference on IFC is laid down under section 177 (4) (vii). ... Loan, borrowing, debentures and deposits of INR 50 crores or more in aggregate. Private companies may require to ... on sample size and sample period for …

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