The Companies Act, 2013 (the Act) has raised the bar on corporate governance with the introduction of Internal Financial Controls (IFC). Since it’s been more than a year that the new provisions of the Companies Act have been made effective, companies have had sufficient time to implement and enhance their Internal Financial Controls (IFC) frameworks in line with the Act’s requirements. With an objective to understand expectations across industries, KPMG in India conducted a survey on the same theme.
We believe that this is an opportune time to understand and share industry perspectives on the approach adopted by various companies to meet the provisions/requirements with respect to IFC. The survey aims to capture these and provide insights into the challenges faced while implementing IFC as well as its potential benefits. Further, the survey also throws light on some the key aspects in the coming years for companies to focus on with respect to IFC.
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