INTERNAL FINANCIAL CONTROLS AS PER REGULATORY REQUIREMENTS

 INTERNAL FINANCIAL CONTROLS AS PER REGULATORY REQUIREMENTS

The term Internal Financial Controls (IFC) basically refers to the policies and procedures put in place by companies for ensuring:

•  reliability of financial reporting 
•  effectiveness and efficiency of operations 
•  compliance with applicable laws and regulations 
•  safeguarding of assets 
•  prevention and detection of frauds 

The Companies Act, 2013 has placed a greater emphasis on the effective implementation and reporting on the internal controls for a company. The table below gives a summary of the requirements of the Act.