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Ifc

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(Querist)
21 July 2016 I want to know whether there is any difference between the Internal financial controls(IFC) and Internal control over Financial reporting(ICOFR) in simple language and the applicability of both.
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
22 July 2016 Internal audit is under S.138 and IFC is as per S.143. The responsibility of internal audit is the responsibility of internal auditor whereas IFC is the responsibility of statutory auditor. The scope of internal audit is agreed by the management and scope of IFC is guided by the Guidance notes issued by ICAI on IFC. However in both the cases you need to comment on the internal controls though the approach is different in both the cases. Hope I am able to explain to you.
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