ICFR Applicability
                     ICFR Applicability in India
ICFR Applicability in India
Internal Controls over Financial Reporting (ICFR) are 
frameworks that ensure the accuracy and reliability of financial 
statements. They help prevent fraud, detect errors, and 
maintain investor confidence. In India, ICFR compliance is a 
regulatory requirement under the Companies Act, 2013 — 
making it essential for companies to establish, document, and 
evaluate their internal financial controls.
Our ICFR services are designed to help businesses implement 
effective controls, ensure compliance, and enhance financial 
governance.
ICFR Applicability in India
Key Services Include:
• ICFR Risk Assessment & Control Design
• Documentation of Process Narratives & Risk Control Matrices
• Testing of Design & Operational Effectiveness
• Remediation Assistance & Control Improvement
• Management Certifications & Audit Readiness Support
• Training on ICFR Frameworks
Who is ICFR Applicable To?
As per Section 134(5)(e) of the Companies Act, 2013 and related rules, ICFR is 
applicable to:
• All listed companies
• Unlisted public companies with:
⚬ Paid-up capital ≥ ₹10 crore, or
⚬ Turnover ≥ ₹100 crore, or
⚬ Outstanding loans/borrowings ≥ ₹50 crore
ICFR Applicability in India
Private companies with:
• Turnover ≥ ₹100 crore, or
• Outstanding loans/borrowings ≥ ₹50 crore (from banks or financial institutions)
To know more about Best Audit Firms in India, Find this List of our Best Audit 
Firms 
• Dewan P.N. Chopra & Co
• S.R. Batliboi & Associates
• Grant Thornton Bharat LLP
• Nangia Andersen LLP