Transparency of finances is among the most critical keys of trustworthiness of any organization. Firms are expected to submit their financial statements in a form that is fair, true and not deceptive. To realize this, businesses implement procedures and controls that ensure their financial records are accurate. This is where ICFR will play a part….
Effective Internal Control over Financial Reporting (ICFR) is crucial for businesses looking to maintain financial integrity and prevent fraud or errors. ICFR involves implementing processes and procedures to ensure financial reporting is accurate, reliable, and compliant with regulations. By strengthening ICFR, businesses can mitigate risks, protect their reputation, and increase stakeholder confidence. This blog will…
INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR) can be defined as 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. IFCR is mandatory for unlisted companies where a. Turnover is >= Rs. 50 Cr. and b….
