Our Risk Advisory Services - Internal Audits

Our Internal Audit Services offer comprehensive, independent assessments tailored to meet the unique needs of your organization.

With a focus on enhancing governance, risk management, and operational efficiency, our team of experienced professionals delivers objective insights and recommendations to drive meaningful improvements.

From evaluating internal controls and compliance with regulations to identifying process inefficiencies and fraud risks, we work closely with management to strengthen internal systems and mitigate potential threats.

Our commitment to excellence and adherence to professional standards ensure the integrity and reliability of our audit findings, providing stakeholders with confidence in the organization's operations. Whether you're a small business or a large corporation, our Internal Audit Services help you navigate complexities, optimize performance, and achieve your strategic objectives effectively.

Mandatory Requirement For Internal Audit In India

Section 138 of the Act was enforced with effect from 1st April 2014. As per section 138 of the Companies Act, 2013, such class or classes of companies as may be prescribed shall be required to appoint an internal auditor to conduct internal audit functions and activities of the company. Accordingly, such class or classes of companies have been prescribed in the Companies (Accounts) Rules, 2014 by Ministry of Corporate Affairs. The following classes of companies shall be required to appoint an internal auditor:

Listed Companies: Appointment of an internal auditor is mandatory

Unlisted Public Companies and Private Companies: Appointment of an internal auditor is mandatory if either of the following criteria are met:

Optional Internal Audit

A company or any other business can also opt for an internal audit even if it does not qualify for the mandatory requirements due to the benefits offered by a robust internal audit function.

Our Internal Audit Methodology

Our IA methodology is based on international best practices and follows COSO and IPPF frameworks.

The broad steps include:

Developing a risk-based audit universe and annual audit plan
Discussing and freezing the scope of work for a particular audit (we remain open to modifying the scope basis new developments found during the course of the audit in consultation with the management)
Evaluating the adequacy of internal controls from a design and operating effectiveness standpoint
Utilizing the "5 C's framework" to draft our audit reports to give a complete sense of audit issues
Articulating the implications in clear and concise terms
Rating the issues based on the risk assessment criteria agreed upon with the management in advance
Root-cause analysis of the problems enabling us to give recommendations that will prevent the problem from recurring (this will include suggested actions for short-term redressal and systemic solutions for long-term solutions)
Obtaining process owners and management buy-in for the action plans and putting a timeline to them
Follow-up audits to see if the action plans have been implemented or not and if any of the action plans need modification.