How Are Ifc Audit Different From Internal Controls Over Financial Reporting?

[Pranali Ahuja]

The IFC audit consists of the company's approved policies and procedures for guaranteeing the orderly and effective operation of its business. Compared to the ICOFR, internal financial controls have a significantly larger reach. Internal controls over financial reporting, operational controls, and anti-fraud controls are all examples of internal financial controls. It also covers the checks that make up the balance sheet, profit and loss accounts, and other components of financial reporting.