Home / Internal Finance Control (IFC) and Financial Reporting Audit Services

Updated on 16 Oct 2021    9.00 AM IST | 4 min read

Internal Finance Control (IFC) and Financial Reporting Audit Services Overview

Internal financial control (IFC) is a much wider concept than internal control over financial reporting (ICFR). ICFR audit is an audit where we examine the financial statements of the business and share it with its user’s i.e. employee’s, stockholder’s, shareholder’s, government, competitors, customers, lenders, investors etc. whereas IFC audit is an audit where we examine the functions & management of the business and share the final result with the company.

ICFR audit covers all the elements of financial reporting which includes Profit & loss account, balance sheet etc. whereas internal finance control (IFC) examine the controls which ensures efficiency in business functions, compliance of policies, maintenance of records and safeguarding of assets. IFC is applicable on listed companies, unlisted companies, small companies and one person companies.

There are different processes in internal finance control over financial reporting. Some of them are –

  • Procure to pay (P2P)
  • Order to cash (O2C)
  • HR
  • Inventory management cover

Finacbooks help businesses by providing both services i.e. internal finance control audit as well as financial reporting audit. We provide both the audit services as per client requirement.


What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees


Our Business Financial Services

  1. Internal finance control audit
  2. Financial reporting audit

Benefits of Internal Finance Control (IFC) and Financial Reporting Audit Services

  • More than 10 years of experience
  • Qualified professionals
  • Excellent customer service
  • Cost efficient
  • Customer delight
  • Time saving
  • Quick turnaround time
  • Continuous support over e-mail and phone (24X7).

How Finacbooks Can Help?

Finacbooks is one of the leading Indian firms with more than 10 years of experience in helping public limited or private limited companies with internal finance control audit and financial reporting audit. To avail the best deals on these audit services, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com

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Due Dates

  • Due date for deposit of tax deducted/collected for the month of September, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

    Oct 07th ,2021
  • Due date for deposit of TDS for the period July 2021 to September 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H

    Oct 07th ,2021
  • GSTR-7 Summary of Tax Deducted at Source (TDS) and deposited under GST laws

    Oct 10th ,2021
  • GSTR-8 Summary of Tax Collected at Source (TCS) by e-commerce operators under GST laws

    Oct 10th ,2021
  • GSTR 1 for Sep 2021 (turnover more than INR. 1.50 Crore)

    Oct 11th ,2021
  • GSTR-6 Details of Input Tax Credit (ITC) received and distributed by an Input Service Distributor (ISD)

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