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	Internal Financial Controls (IFC)

	A process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel, 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 principle.

	Management’s Responsibility:

	The 2013 Act has significantly expanded the scope of internal controls to be considered by the management of companies to cover all aspects of the operations of the company. Clause (e) of Sub-section 5 of Section 134 to the Act requires the directors’ responsibility statement to state that the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. Rule 8(5)(viii) of the Companies (Accounts) Rules, 2014 requires the Board of Directors’ report of all companies to state the details in respect of adequacy of internal financial controls with reference to the financial statements.

	Auditor’s Responsibility

	The auditor needs to obtain reasonable assurance to state whether an adequate internal financial controls system was maintained and whether such internal financial controls system operated effectively in the company in all material respects with respect to financial reporting. Auditors are required to report on the adequacy and operative effectiveness of Internal Financial Controls over financial reporting under section 143(3) of Companies Act, 2013.

	Services Offered:

	Implementation of Internal Financial Controls Audit of Existing Internal Financial Controls Valuation for Impairment of assets Valuation of fixed assets required for component accounting