25 May 2016
The concept of IFC is explained in the Guidance Notes issued by ICAI. In a nutshell IFC is the policies and procedures adopted by company to ensure orderly and efficient conduct of business. It includes safeguarding the assets of company, adherence to policies and procedures and prevention & detection of fraud & errors. An illustrative checklist is also provided with the Guidance notes.
25 May 2016
Mr. Kapil : You may refer my detailed article titled "All about Controls" for your reference :- https://www.caclubindia.com/articles/all-about-controls-26928.asp
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