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Internal financial control over financial reporting shall mean:
- A process designed to provide reasonable assurance regarding the reliability of financial reporting and
- Preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
As per companies Act, 2013 the term internal financial control means:
- Policies and procedures adopted by company for ensuring orderly and efficient conduct of its business
- Including adherence to companies’ policies
- Safeguarding of its assets
- Prevention and detection of fraud and errors
- Accuracy and completeness of accounting records and
- timely preparation of reliable financial information
Thus, internal financial control includes internal financial control over financial reporting, operational control and controls for prevention of fraud.