Internal Financial Control (IFC) & Internal Control over Financial Reporting (ICOFR)

JVB is a trusted partner of Internal Financial Control (IFC) and Internal Control over Financial Reporting (ICOFR) solutions. As a leading IFC audit firm in Mumbai, we specialize in providing comprehensive solutions to help your organization establish robust internal control systems. Our team of highly skilled professionals possesses deep expertise in assessing, designing, and implementing effective IFC and ICOFR frameworks. We understand the critical role internal controls play in safeguarding your assets, ensuring compliance, and mitigating risks. With JVB, you can rely on our meticulous approach, advanced technology, and extensive experience to enhance the efficiency and reliability of your financial operations. Contact us today to strengthen your internal controls and protect your organization’s financial integrity.

Internal financial control over financial reporting shall mean:

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

As per companies Act, 2013 the term internal financial control means:

• Policies and procedures adopted by company for ensuring orderly and efficient conduct of its business
• Including adherence to companies’ policies
• Safeguarding of its assets
• Prevention and detection of fraud and errors
• Accuracy and completeness of accounting records and
• timely preparation of reliable financial information

Thus, internal financial control includes internal financial control over financial reporting, operational control and controls for prevention of fraud.