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Auditors get another year for internal financial controls reporting

The government has deferred mandatory reporting of companies' 'internal financial controls' by auditors, from this financial year to the next one. "...For the financial years commencing on or after April 1, 2015, the report of the auditor shall state about existence of adequate internal financial controls system and its operating effectiveness," the ministry of corporate affairs stated. However, directors will have to mandatorily disclose the controls in their responsibility statement in the board report from 2014-15. Internal financial controls are designed to ...