Internal Audit

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Internal Audit Starting at Just Rs.4,999/- onwards (Inclusive of all Govt. Fees).

Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.

The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively.

Internal audit reports

Internal auditors typically issue reports at the end of each audit that summarize their findings, recommendations, and any responses or action plans from management. An audit report may have an executive summary—a body that includes the specific issues or findings identified and related recommendations or action plans, and appendix information such as detailed graphs and charts or process information. Each audit finding within the body of the report may contain five elements, sometimes called the "5 C's".

What is the particular problem identified?

What is the standard that was not met? The standard may be a company policy or other benchmark.

Why did the problem occur?




What is the risk/negative outcome (or opportunity foregone) because of the finding?

What should management do about the finding? What have they agreed to do and by when?

Quality of Internal Audit Report

Objectivity

The comments and opinions expressed in the Report should be objective and unbiased.


Clarity

The language used should be simple and straightforward.

Accuracy

The information contained in the report should be accurate.



Brevity

The report should be concise.

Timeliness

The report should be released promptly immediately after the audit is concluded, within a month.

Success is focusing the full power of all you are on what you have a burning desire to achieve.

Internal audit execution
A typical internal audit assignment involves the following steps:

  • Management – Establish and communicate the scope and objectives for the audit to appropriate management.
  • Understanding –Develop an understanding of the business area under review. This includes objectives, measurements, and key transaction types. This involves review of documents and interviews. Flowcharts and narratives may be created if necessary.
  • Key Risks –Describe the key risks facing the business activities within the scope of the audit.
  • Audit Checklist –Identify management practices in the five components of control used to ensure each key risk is properly controlled and monitored. Internal Audit Checklist can be a helpful tool to identify common risks and desired controls in the specific process or industry being audited.
  • Sampling & Testing –Develop and execute a risk-based sampling and testing approach to determine whether the most important management controls are operating as intended.
  • Identify Problems –Report issues and challenges identified and negotiate action plans with management to address the problems.
  • Follow Up –Follow-up on reported findings at appropriate intervals. Internal audit departments maintain a follow-up database for this purpose.

Audit assignment length varies based on the complexity of the activity being audited and Internal Audit resources available. Many of the above steps are iterative and may not all occur in the sequence indicated.

Basic
4,999
/- onwards

(Inclusive of all Govt. Fees).

Internal Periodical Reports to Management
Advice & Suggestions
Streamlining day to day activities

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We enjoy the reputation of being synonymous with professionalism, efficiency, and excellent service. We provide full spectrum of financial, accounting, designing, marketing services as well as investment consultancy, project evaluation and services related to all types of business and corporate agreements. We specialize in providing end to end support to startups – be they proprietorship’s, partnership’s, LLP’s, or Private Limited Enterprises. Our knowledge of the Indian ecosystem makes us perfectly placed to provide end-to-end assistance with company formation in India as well as company registration in India.

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