Difference in IFC, ICFR and Internal Controls

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In this video we have talked about the difference in between Internal financial controls (IFC), Internal controls over financial reporting (ICFR) and Internal Controls. This is the most confusing question in the mind of the chartered accountants and CA students

Let just find out the answers in the video

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ICFR= (Financial Controls over FR only)
IFC= Control over FR only)
IC= over FR and Other Operations as well)

carajatagrawal

Doing IFC and ICoFR since last more than 3 years, got to know difference today. thank you..

esperer

Interviewer : Do you have any questions for us?
Me : What is the difference in between IFC icfr and internal control 😂

JatinKumar-zwup

Nobody has even touched even IFC v IC but you have nailed it. Thank you so much.

harshjain

Mr Tushar I appreciate your efforts, but if you use screen share to make understand, it would be more helpful for all learners.

kanhaiyasoni

ICOFR is related to amounts which are reflected in FS.
Operational control are not related to amounts but the related to approvals or actions.
IFC is wider then ICOFR which includes ICOFR, operational controls, frauds controls, compliance controls, asset safeguarding controls

akashbiradar

This is such a simple and apt explanation sir. Thank you!

sakshisheth

Hello i think you gave a very apt explanation i just have a lil query so if you think you can give me the time of the day to reply to this comment coz i have my CA Intermediate audit exam on 15th May.
Query: IFC is managements responsibility as per sec 134(5)
ICFR is auditor’s duty to report on it as per sec 143(3)(i)
IS THIS CORRECT?

saloniwadke

Sir please help...urgently...
Why caro and IFC are applicable to representative office of foreign bank in india.

Ganpatibappa_morya

I don't know this language, plz update subtitles.

RJDAD

ICFR audit will be done by statutory auditors and IFC/Internal Control Audit will be done by Internal Auditors?

geek

thanks should enter teaching industry...:):)

abhishek

PO approve nahi hai to sale kyu galat ho gayi bhai 😝😝

caamit

Nhi. Sir Maine jinse pada h uske wajah se mujhe confusion nhi h

Nirajvora

Khud confuse hai Bhai ek hi cheez ko 20 bar bol diya .... 😅

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