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 entity’s functioning, with a view to suggest improvements and add value to the overall governance mechanism of the entity. This includes the entity’s strategic risk management and internal control systems. Internal audit, therefore, provides assurance that there is transparency in reporting as part of good governance. Successful organizations recognize that an effective internal audit service can make a significant contribution to risk management and the smooth operation of the business.
Our internal audit team can work with you to understand your business strategy and its associated drivers, and how that strategy is delivered through an appropriate operational business plan and process framework. Your stakeholders will benefit from experienced, independent professional evaluations and a review of the quality and effectiveness of the control environment within your organization.
Where areas are identified for improvement, we can work with you to help identify solutions and achieve your objectives.
Services include:
- Advising your management team to develop workable internal controls that enhance the control environment
- Providing advice on how to implement an effective and secured internal control environment
- Advising on how to manage core operational risks, especially those related to the reliability of business operations
- Assisting with linking operational strategies and risk performance measures to business goals
- Assisting with change management and business awareness processes by helping make the transition from existing practices to more efficient and focused approaches through training and assisting of staff in the development of new skills
- Evaluating the key structures, dynamics and processes required to underpin effective corporate governance
The following class of companies shall be required to appoint an internal auditor or a firm of internal auditors, namely:
- Every listed company
- Every unlisted public company having
- (i) paid up share capital of fifty crore rupees or more during the preceding financial year; or
- (ii) turnover of two hundred crore rupees or more during the preceding financial year; or
- (iii) outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or
- (iv)outstanding deposits of twenty five crore rupees or more at any point of time during the preceding financial year; and
- Every private company having:
- (i)turnover of two hundred crore rupees or more during the preceding financial year; or
- (ii)outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year.
The objectives for the internal audit are as under:
- Evaluate the business processes to ensure that they are aligned to the business objectives.
- Evaluate the compliance to both the internal policies and procedures of the company and external regulations to the extent applicable to the following key processes.
- Evaluate the effectiveness and efficiency of the identified processes and related internal controls.
- Evaluate the accuracy of accounting information systems supporting the process.
- Evaluate progressively the risks relating to the business management covering information technology and general process.
The following are the benefits for the organization from outsourcing:
- Global best methodology for handling Internal Audits
- Relevant business/process / internal audit expertise and access to best practices
- Structured deliveries with performance indicators and terms of delivery
- Saving costs and efforts for the organization and help management concentrate on core competency
Our strong methodology also includes taking the input of the top management, process management and audit management to design a solution that means value addition. Our deliverable will give a road map to make the necessary process improvements that give a big seat for the practicality of implementation of recommendations