Section 143 of the Indian Companies Act 2013 has rewarded auditors with additional auditing responsibilities wherein assurance must be provided on the Internal Controls present in a Company's Business Environment. The Auditor must provide an opinion on the operating effectiveness of these Internal Financial Controls.
The Institute of Chartered Accountants of India has released a Guidance Note which provides the required guidance to an Auditor to conduct an Audit of the same.
This presentation deals with the legal requirement of IFCs, Auditing Responsibilities and Implementation Guides from guidance note.
This presentation was presented at the Study Circle conducted by the Mangalore Branch of SIRC of ICAI on 23rd June 2016.