Internal Audit Services
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About Internal Audit Services
Internal Audit is an independent management function that involves a continuous and critical appraisal of an organization’s operations, aimed at suggesting improvements and adding value to its overall governance framework. This includes evaluating the organization’s strategic risk management and internal control systems. By ensuring transparency in reporting, internal audit plays a key role in good governance. Successful organizations understand that an effective internal audit function contributes significantly to risk management and the smooth functioning of business operations.
Our internal audit team works closely with you to understand your business strategy, its key drivers, and how it is implemented through an operational business plan and process framework. Your stakeholders benefit from independent, professional evaluations and a thorough review of the quality and effectiveness of your organization’s control environment.
When areas for improvement are identified, we collaborate with you to develop practical solutions and support you in achieving your organizational objectives efficiently.
Services include:
Our internal audit and advisory services help organizations strengthen their control environment and operational efficiency through the following:
- Advising your management team on developing practical internal controls that enhance the overall control environment.
- Providing guidance on implementing an effective and secure internal control environment.
- Offering advice on managing core operational risks, particularly those affecting the reliability of business operations.
- Assisting in linking operational strategies and risk performance measures to overall business goals.
- Supporting change management and business awareness initiatives by facilitating transitions from existing practices to more efficient approaches, including staff training and skill development.
- Evaluating the key structures, dynamics, and processes necessary to support effective corporate governance.
The following class of companies shall be required to appoint an internal auditor or a firm of internal auditors, namely:
The following companies are required to undergo a statutory audit:
1. Listed Companies
All listed companies must have their accounts audited.
2. Unlisted Public Companies
An unlisted public company is required to get a statutory audit if it meets any of the following criteria during the preceding financial year:
- Paid-up share capital of ₹50 crore or more.
- Turnover of ₹200 crore or more.
- Outstanding loans or borrowings from banks or public financial institutions exceeding ₹100 crore at any point in the year.
- Outstanding deposits of ₹25 crore or more at any point in the year.
3. Private Companies
A private company is required to get a statutory audit if it meets any of the following criteria during the preceding financial year:
- Turnover of ₹200 crore or more.
- Outstanding loans or borrowings from banks or public financial institutions exceeding ₹100 crore at any point in the year.
The objectives for the internal audit are as under:
Our business process evaluation services focus on ensuring alignment with organizational objectives and enhancing operational efficiency. Key areas of evaluation include:
- Assessing business processes to ensure they are aligned with business objectives.
- Evaluating compliance with internal policies,
, and relevant external regulations applicable to key processes. - Reviewing the effectiveness and efficiency of identified processes and associated internal controls.
- Verifying the accuracy of accounting information systems that support the processes.
- Progressively assessing business management risks, including those related to information technology and general process operations.
The following are the benefits for the organization from outsourcing:
Our approach to internal audits follows global best practices to ensure value addition and operational excellence. Key features of our methodology include:
- Leveraging relevant business, process, and internal audit expertise with access to global best practices.
- Structured delivery with clear performance indicators and defined terms of delivery.
- Optimizing costs and efforts for the organization, enabling management to focus on their core competencies.
- Incorporating inputs from top management, process owners, and audit management to design solutions that add real value.
- Providing actionable deliverables that offer a roadmap for process improvements, ensuring practical implementation of recommendations.