Internal Financial Control Services

Business TypeService Provider
Preferred Buyer Location India only

We are well-reputed firm in the Indian market, engaged in offering Internal Financial Control Services to our esteemed clients all across the nation. These Services offered by us provided by our well....

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Jugal Patel & Associates

Paharganj, Delhi

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Member Since 10 Years
Nature of Business Service Provider
Year of Establishment 2012

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We are well-reputed firm in the Indian market, engaged in offering Internal Financial Control Services to our esteemed clients all across the nation. These Services offered by us provided by our well experienced and educated professionals. These provided services include financial management of any construction or fit-out project ranging from cash flows,measurements verifications, certification of invoices and tracking of invoices and payments. Besides this, the service is offered at pocket-friendly rates.

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The new Companies Act, 2013, now requires auditors to also opine on whether a company has an adequate internal financial controls (IFC) system in place and the operating effectiveness of such controls.
This is in addition to the existing audit opinion on financial statements.While this requirement was originally applicable to financial statements ending 31 March 2015, considering the lack of guidance, this applicability was deferre dand is now effective for the year ending31 March 2016.
Due to the deferral of this reporting requirement, the Ministry of Corporate Affairs (MCA) retained the reporting requirement relating to internal controls in certain specific areas under the Companies (Auditor's Report) Order,2013 (CARO)

IFC Regulatory Mandate Under Companies Act 2013

Relevant clauses	Requirement	Applicability
Directors Responsibility Statement: Sec 134(5)(e)	Board to Confirm that IFCs are adequate and Operating Effectively	Listed Companies
Board report: Rule 8(5) of companies (Accounts) Rules	Board report to state the details in respect of the adequacy of IFC with reference to the financial statements	All companies
Code for Ids:Sec. 149(8) and Schedule IV	IDS to satisfy themselves on the integrity of financial information and that financial controls are robust and defensible	All companies having Ids
AC Terms of Reference: Sec. 177	Evaluation of IFC	All Companies having an AC
Auditor's Report: Sec.143(3)(i)	Auditors to report if the company has adequate IFC systems and that they are operating effectively(From 2015-16)	All Companies having an AC