ICFR Audit & IFC Support

Internal Financial Controls (IFC) & ICFR Audit Services

N D Savla & Associates

Financial numbers are only as reliable as the controls behind them.

Weak controls lead to errors, misstatements, delays, and audit issues. And once that happens, fixing it becomes expensive and time-consuming.

At N D Savla & Associates, we help you design, test, and strengthen your internal financial controls so your reporting is accurate, compliant, and audit-ready.

What this really means for you

ICFR (Internal Control over Financial Reporting) is about ensuring that:

• Your financial data is accurate

• Transactions are properly authorized and recorded

• Risks of error or fraud are minimized

• Your systems can stand up to audit scrutiny

It’s not just about compliance. It’s about confidence in your numbers.

When ICFR / IFC becomes critical

• Statutory audit requires reporting on IFC

• Business is scaling and controls are not evolving

• Frequent audit observations or adjustments

• Lack of clarity in roles, approvals, and processes

• Preparing for funding, due diligence, or listing

If your finance process depends on people more than systems, controls need attention.

Where businesses usually get it wrong

• Treating IFC as documentation exercise

• Controls designed but not actually followed

• Lack of testing and monitoring

• No linkage between processes and financial reporting risks

Controls only work when they are practical, implemented, and tested.

Our Approach

We focus on building controls that work in real business environments.

1. Risk Assessment
Identifying key financial reporting risks across processes.

2. Control Design (IFC Framework)
Designing controls aligned with your business operations.

3. Documentation
Preparing process notes, risk-control matrices (RCM), and flowcharts.

4. Testing & Evaluation
Checking whether controls are operating effectively.

5. Gap Remediation
Identifying weaknesses and helping you fix them.

Scope of Our Services

Process Coverage

• Revenue and receivables

• Purchases and payables

• Inventory and fixed assets

• Payroll and employee expenses

• Financial close and reporting

Control Areas

• Authorization and approval controls

• Segregation of duties

• System and access controls

• Reconciliations and review mechanisms

Documentation & Testing

• Risk Control Matrix (RCM)

• SOP alignment with controls

• Walkthroughs and testing of controls

• Reporting of deficiencies

What this really does for your business

• Improves accuracy and reliability of financial reporting

• Reduces risk of errors, fraud, and misstatements

• Ensures smoother statutory audits

• Strengthens internal processes and accountability

• Builds confidence with investors and stakeholders

Why Clients Work With Us

• We make controls practical and usable

• We align IFC with actual business processes

• We focus on implementation, not just documentation

• We help you stay audit-ready at all times

Who Should Consider This?

• Companies requiring IFC reporting under Companies Act

• Businesses facing audit observations

• Growing companies building structured finance processes

• Organizations preparing for funding or due diligence