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ICFR Applicability

Internal Controls over Financial Reporting (ICFR) are frameworks that ensure the accuracy and reliability of financial statements. They help prevent fraud, detect errors, and maintain investor confidence. In India, ICFR compliance is a regulatory requirement under the Companies Act, 2013 u2014 making it essential for companies to establish, document, and evaluate their internal financial controls. Our ICFR services are designed to help businesses implement effective controls, ensure compliance, and enhance financial governance.

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ICFR Applicability

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  1. ICFR Applicability in India

  2. ICFR Applicability in India Internal Controls over Financial Reporting (ICFR) are frameworks that ensure the accuracy and reliability of financial statements. They help prevent fraud, detect errors, and maintain investor confidence. In India, ICFR compliance is a regulatory requirement under the Companies Act, 2013 — making it essential for companies to establish, document, and evaluate their internal financial controls. Our ICFR services are designed to help businesses implement effective controls, ensure compliance, and enhance financial governance.

  3. ICFR Applicability in India • Key Services Include: • ICFR Risk Assessment & Control Design • Documentation of Process Narratives & Risk Control Matrices • Testing of Design & Operational Effectiveness • Remediation Assistance & Control Improvement • Management Certifications & Audit Readiness Support • Training on ICFR Frameworks • Who is ICFR Applicable To? • As per Section 134(5)(e) of the Companies Act, 2013 and related rules, ICFR is applicable to: • All listed companies • Unlisted public companies with: • Paid-up capital ≥ ₹10 crore, or • Turnover ≥ ₹100 crore, or • Outstanding loans/borrowings ≥ ₹50 crore

  4. ICFR Applicability in India • Private companies with: • Turnover ≥ ₹100 crore, or • Outstanding loans/borrowings ≥ ₹50 crore (from banks or financial institutions) • To know more about Best Audit Firms in India, Find this List of our Best Audit Firms • Dewan P.N. Chopra & Co • S.R. Batliboi & Associates • Grant Thornton Bharat LLP • Nangia Andersen LLP

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