IFC and SOX

IFC and SOX – Sarbanes Oxley Act of 2002 (SOX), mandates reporting and certification of internal controls by both the management and the auditors, has been the defining event for those firms established or registered in the US or any of their subsidiaries abroad. The Companies Act 2013 requires reporting on internal financial controls (IFC), which is similar to regulations currently in force in India.

When a specific business is required to comply with either of the aforementioned laws, the management and the auditor are required to report on the status of internal controls on a regular basis. The operational, financial, and regulatory components of reporting were often covered, including any embedded controls in an IT context, which is most often the case.

I.P. Pasricha & Co helps clients manage the complexity of defining and documenting IT controls, as well as regular testing and reporting on such controls under the appropriate IFC and SOX laws.