As per section 134 internal money controls mean policies and procedures adopted by the company for ensuring:

• Orderly and economical conduct of its business, together with adherence to the company’s policy and procedure.
• Safeguarding to company’s assets.
• Prevention and detection of frauds and error
• Accuracy and completeness of accounting records and
• Timely preparation of reliable money info

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It includes policies and procedures adopted by the corporate for making certain the orderly and economic conduct of business, together with regulative compliance and bar and detection of frauds and errors.
Internal management= control over money reportage + operational control reportage + fraud bar reportage.

Internal controls over money reportage (ICFR): Regulative mandate below firms act 2013

As from higher than (we can|we will|we square measure able to) see UN agencies are accountable

• Directors responsibility statement (section 134)
• Auditors Report (section 143)
• Audit committee (section 177)
• Independent director (Schedule v & section 149)

Section 143(1) each auditor of a corporation shall amongst alternative matters comment on the subsequent matters, namely:— 

1. Is any loans and advances created by the corporate on the premise of security are properly secured and whether or not the terms on that they need been created square measure harmful to the interests of the corporateor its members; 
2. Are any transactions of the corporate that square measure painted simply by book entries square measures harmful to the interests of the co; 
3. Is associate degree the corporate not being an investment firm or financial organisation, whether or not most of the assets of the corporate as comprises shares, debentures, and alternative securities are oversubscribed at a value but that at that they were purchased by the co; 
4. Is any loans and advances created by the corporate are shown as deposits; 
5. Is any personal expenses are charged to the revenue account; 
6. Is any it's explicit within the books and documents of the corporate that any shares are assigned for money, whether or not money has really been received in respect of such allotment, and if no money has really been therefore received, whether or not the position as explicit within the account books and also the record is correct, regular and not deceptive

Sec 143(12) - reportage of frauds 

• If associate degree auditor of a corporation, within the course of the performance of his duties as auditor, 
• If associate degree reason to believe that an offense involving fraud is being or has been committed against the corporate 
• By officers or staff of the corporate, 
• He shall right away report the interest of the CG inside the time prescribed. 

Benefits that may be derived from IFC:

• Enhance governance framework 
• Defines clear responsibility and transparency 
• Controls automation 
• Reduction in range of surprises 
• Streamline/standardise controls 
• Opportunity to plug leakages/potential frauds