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As per Section 143 the Auditors shall state in the Audit report about the effectiveness of Internal Financial Control. However, as per Section 134, the DIrectors shall state in case of a listed company had laid down Internal Financial Controls to be followed. Please advise if Internal Financial Control audit is required only in case of a listed company or any company.

Section 143- Powers and duties of auditors and auditing standards.

Posted By: Prerna kapoor 8 year(s) ago

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Divesh Goyal

Internal financial control are applicable on all the Companies. As per 143(2)(i) all the Companies Audit Report will contain whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

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