Internal Audit
Independent and objective assurance services to evaluate and improve the effectiveness of risk management, control, and governance processes as per IIA Standards and Companies Act, 2013.
What is Internal Audit?
Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. Under Section 138 of the Companies Act, 2013, certain classes of companies are required to appoint an internal auditor who may be a Chartered Accountant or Cost Accountant.
The internal audit function helps organizations accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Our Internal Audit Services
Risk-Based Internal Audit
Comprehensive audit approach focusing on high-risk areas as per IIA Standards and Companies Act requirements under Section 138.
Process & Control Review
Evaluation of business processes, internal controls, and standard operating procedures for efficiency and compliance.
Fraud Investigation
Forensic examination and investigation of suspected fraud, irregularities, and misconduct with detailed reporting.
Compliance Audit
Review of adherence to laws, regulations, company policies, and contractual obligations applicable to your business.
Our Audit Methodology
Planning
- Risk assessment
- Audit universe
- Annual audit plan
- Resource allocation
Fieldwork
- Control testing
- Substantive procedures
- Data analytics
- Interview key personnel
Reporting
- Draft observations
- Management response
- Final report
- Audit committee presentation
Follow-up
- Action tracking
- Implementation review
- Closure verification
- Continuous monitoring
Key Audit Areas
Procurement & Vendor Management
Purchase procedures, vendor selection, price negotiation, GRN process
Revenue & Receivables
Sales process, credit management, billing accuracy, collection efficiency
Inventory Management
Stock control, valuation, obsolescence, physical verification
Fixed Assets
Capitalization policy, depreciation, physical existence, impairment
Payroll & HR
Employee records, attendance, salary computation, statutory compliance
Treasury & Cash Management
Bank reconciliation, cash handling, investment management
Regulatory Framework
Companies Act, 2013
- Section 138: Mandatory internal audit for prescribed class of companies
- Applicable to listed companies and unlisted companies meeting thresholds
- Companies with turnover ≥ ₹200 Crore
- Companies with outstanding loans/borrowings ≥ ₹100 Crore
- Companies with outstanding deposits ≥ ₹25 Crore
IIA Standards
- Independence and objectivity of internal auditors
- Proficiency and due professional care
- Quality assurance and improvement program
- Proper documentation and evidence
- Communication of results to management
Benefits of Internal Audit
Strengthen Your Internal Controls
Get independent assurance on your organization's risk management and governance processes.
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