All companies registered under the Companies Act 2013 are mandated to have effective financial controls internally. These controls and their effectiveness are checked in an IFC Audit. The scope of IFC audit is largely limited to financial statements and reports. The companies that have taken loans from banks, financial institutions or other corporates need to maintain internal finance record in a transparent and regulated manner. Whether it is done as per the norms or not is assessed by the IFC Audit firm in India . In an IFC audit, the checks cover the areas such as standards followed, areas for improvement and system effectiveness. The main steps followed by the IFC Audit firm in India include audit planning and closure, Accounts & Finance records check and verification of reports, etc. Checks also pertain to areas like depots, EXIM- Commercial, Financing, Human Resource, IT Processes and ERP. The IFC auditors take note of Legal & Secretarial compliances and lo...