What is IFC

♥ A process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

♥  A company’s internal financial control over financial reporting includes those “policies and procedures” that

  • pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

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Qualification: Other
Company: SFS Advisors
Location: Hyderabad, Telangana, IN
Member Since: 06 Nov 2017 | Total Posts: 1

More Under Company Law

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Category : Company Law (3466)
Type : Articles (14847)
Tags : Companies Act (1934) Companies Act 2013 (1706)

One response to “Internal Financial Control (IFC)- A move towards secure India”

  1. vswami says:

    OFFHAND
    In the context herein, a brief mention is called for, on a selective basis, of certain things:
    As is to be made a conscious note of, in several contexts of above, the terms such as ‘reasonable’ , ‘reliability’ , ‘generally accepted’, have been generously used.
    Further, even in the audited final accounts of companies, including those of banking companies, – howsoever considered trustworthy hence reputed, – and its several attachments, so also the statutory audit and annexed other reports , the terms such as,’material’ are likewise employed. The language adopted are invariably so verbose,/ long winding, verging on empty rhetoric as to enable getting a true grip of what is the the purport of import thereof..So much so, having read down to the end of it all, anyone, howsoever intelligent he be, is bound to have been left wildly wondering which one or more of the key functionaries – apart from the Directors, the rest of them, called/designated as key personnel / compliance officers – , is/are responsible for what function (s), and eventually answerable, in case questioned of any misdeed /misdemeanor as envisaged in the corporate law.
    What view the company law experts within or without the governmental portals hold or have to share for enlightenment has, as ever, remained unknown !

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