What Does ICFR Support Mean?
Internal Control over Financial Reporting (ICFR) refers to the procedures that affect a company’s financial reporting. They are designed to be compliant with the laws and the company’s policies. ICFR support ensures that there will be fewer comments during audits.
What Are The Benefits Of ICFR Support?
1. Increases reliability of financial numbers of market moves
2. Increases reliability of financial numbers of individual investment decisions
3. Drop-in control deficiencies
4. Reduces the risk of fraud and errors
5. More efficient financial operations
The penalty for not abiding the Companies Act of 2013 is as given below.
Responsibility of the CEO/CFO to maintain Internal Control over Financial Reporting
A fine of 25 lakhs
Loss of qualification in auditor’s report
You may face heavy fines and imprisonment starting at 3-6 months depending on the amount due.
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