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Internal financial controls (IFC) certification by the Board is mandatory in the Board's Report for:
AEvery company
BListed and unlisted public companies meeting specified thresholds, and certain private companies
CListed companies only
DOnly Section 8 companies
Answer & Solution
Correct answer: B. Listed and unlisted public companies meeting specified thresholds, and certain private companies
1. Rule 8 of Companies (Accounts) Rules — IFC reporting by the Board is required for listed companies and certain unlisted public companies; auditor reporting on IFC is required for select private companies above threshold.
2. Coverage has been progressively narrowed for small / OPC.
3. Hence (C).
_Source: ICAI BoS CA Inter Paper 2 — Accounts of Companies_