Internal financial controls (IFC)
ESG & GovernanceThe policies and procedures a company uses to make sure its financial reporting is reliable and its assets are protected.
Under the Companies Act, auditors of listed and larger companies must give a separate opinion on whether internal financial controls over financial reporting are adequate and working. The board's report must also comment on them. A modified opinion on IFC often comes before a modified opinion on the accounts, because weak controls are where errors and frauds begin.
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