ICFR

Importance of ICFR

Finance24 days ago

Source: Importance of ICFR

Corporate governance in India has heightened the importance of Internal Controls over Financial Reporting (ICFR), made mandatory under the Companies Act, 2013. ICFR is more than compliance—it ensures accurate financial reporting, prevents fraud, and strengthens investor confidence. It covers processes for initiating, recording, and reporting transactions, including approvals, reconciliations, segregation of duties, and IT controls.

Why ICFR is Important for Companies ?

Finance1 months ago

Source: Why ICFR is Important for Companies ?

In today’s fast-paced business world, accurate financial reporting is critical. Internal Controls over Financial Reporting (ICFR) help companies meet stakeholder expectations and legal requirements by ensuring reliable, error-free financial statements prepared under proper accounting standards. ICFR acts as a safety net against fraud and mistakes through transparent processes covering transaction recording, account reconciliation, approvals, and segregation of duties.