Internal controls can be defined as rules, policies, and procedures to prevent adverse events and detect failures. They are divided into financial, operational, and compliance categories. The Companies Act, 2013 requires listed companies to have adequate internal financial controls that are operating effectively. It also requires auditors to evaluate internal controls and the audit committee to review internal controls and risk management. Internal financial controls ensure orderly and efficient conduct of business through adherence to policies, safeguarding assets, and accurate and timely financial reporting. Effective internal controls include a strong control environment, risk management, established policies and procedures, segregation of duties, authorization, access controls, supervision, information and communication, and ongoing monitoring.