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Viesearch·
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@nikhil16068editor·
Importance of ICFR in Corporate Governance
Corporate governance in India has heightened the importance of Internal Controls over Financial Reporting (ICFR), made mandatory under the Companies Act, 2013. ICFR ensures accurate financial reporting, prevents fraud, and strengthens investor confidence by covering processes for initiating, recording, and reporting transactions, including approvals, reconciliations, segregation of duties, and IT controls, assuring stakeholders of financial accuracy.