Ifc audit

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Nagendra Bhat (Querist)
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20 October 2016 Dear Folks,

Is it mandatory to have separate auditor for the IFC or can be done by the statutory auditor himself. If so please explain the procedure.

Thanks

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay

(Expert)
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24 October 2016 Generally it is the responsibility of the statutory auditor as per S.143 of Companies Act, 2013 to report on the IFC of the company. Thus the auditor has to give the main audit report, CARO and report on IFC. You can appoint a IFC auditor separately on whose report the statutory auditor can rely.

Nagendra Bhat

Nagendra Bhat (Querist)
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26 October 2016 Thanks CA Amrita... Is there any validity for this report.. meaning whether this is required to be done every year?

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CA Amrita Chattopadhyay

CA Amrita Chattopadhyay

(Expert)
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26 October 2016 It is a part of the audit report similar to CARO report. It forms annexure to the main report. This report if applicable has to be done every year.

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