2 Replies
Shubham Gupta
(Business Consultants)
(2077 Points)
Replied 11 July 2016
hello,
ICFR basicly emphasis on the sysytem with in the organisation ,
What are the protocols that are laid down, whether during the year they were followed , if there were any lapses what initiatives were taken by the management,
If there are proper controls, then auditor can rely on the controls and select audit and sampling techinques accordingly.
Ajith T S
(CA )
(431 Points)
Replied 12 July 2016
•Objective : to express an opinion on the adequacy and operating effectiveness of the Company’s IFC-FR.
•ICAI has issued Guidance Note on Audit of IFC over Financial Reporting
•2013 Act and Guidance Note does not prescribe a particular framework for IFC. Instead Guidance Note states that a benchmark system of internal control is essential.
•In the Indian context, SA – 315 provides necessary criteria for IFC-FR.
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