internal financial control
This query is : Resolved
14 December 2016
is there any applicability in private company of internal financial control report ?
what is the criteria ?
and in which company it is requires?
or it who can able to give internal financial control report ?
14 December 2016
Yes, Internal financial controls rules are applicable to private companies also.
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”. Also, section 143(3) applies to the statutory auditors of all the companies. Hence, it appears that the auditors of even unlisted companies are required to report on the adequacy and operating effectiveness of the internal financial controls over financial reporting.
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”. Also, section 143(3) applies to the statutory auditors of all the companies. Hence, it appears that the auditors of even unlisted companies are required to report on the adequacy and operating effectiveness of the internal financial controls over financial reporting.
14 December 2016
thankyou so much
can you tell me that it is applicable from financial year 15-16 ?
14 December 2016
Yes. it is applicable for FY-2015-16
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