Definition of Internal Financial Controls (IFC)
As per Section 134 of the Companies Act 2013, IFC means the policies and procedures adopted by the company for ensuring:
- Orderly and efficient conduct of its business, including adherence to company’s policies,
- Safeguarding of its assets,
- Prevention and detection of frauds and errors,
- Accuracy and completeness of the accounting records, and
- Timely preparation of reliable financial information.