ICFR vs IFC Difference

Questions › Category: CA-IPC Internal Control System › ICFR vs IFC Difference

Hemant Somani asked 4 years ago

Sir i am your CA Final Student, i am auditing ine listed client where ICFR is applicable and our team is confused that Which control to be tested each year and which over theree year…can you pls give me example for it…

1 Answers

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Ravi Staff answered 4 years ago

IFCR should be checked each year as we have to report it
While other remaining IFC can be checked once in 3 years depending on circumstances
if there are changes or significant risk check them every year