Internal Audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

Internal audits evaluate a company’s internal controls, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits also provide management with the tools necessary to attain operational efficiency by identifying problems and correcting lapses before they are discovered in an external audit.

Types of Internal Audits

1. Internal Financial Audit
2. Compliance Audit
3. Environmental Audit
4. Technology/IT Audit
5. Performance Audit
6. Operational Audit
7. Construction Audit
8. Special Investigations

Service Packages

Statutory (Tax) Audit

Mandating Law:

Every person engaged in business or profession is required to get his books of accounts audited by a practicing CA if during the previous year his Turnover/Gross Receipts is more than Rs. 1 crore (business) (Rs. 5 Crore if Cash Receipt/Payment is less than 5% of total Receipt or Payments) or Rs. 50 Lakhs (Profession).

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Stock Audit

Stock or inventory audit is a process of verifying whether the physical goods available at your store's warehouse match the results available at the stock register with the books of accounts.

Importance

1. Inventory Audit is directly related to your profit calculation.
2. Stock audits can help you to enhance your business's financial health.
3. Inventory management helps you prevent or identify fraud and theft.
4. Identification of the slow-moving, deadstock, obsolete stock, and scrap.
5. Reduced gaps in the inventory management processes.
6. It reduce the avoidable investment on stocks or inventory to ensure proper balance in the process.
7. It controls overstocking which may result in the poor value of cash flows and financial losses.
8. To obtain the ""Stock Valuation Certificate"" which enables to obtain the Financial Loans or Cash Credit/ Bank Overdraft facilities.

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Fixed Assets Audit

Fixed Assets Audit is the process of establishing existence of the fixed assets with valuation as per the Generally Accepted Accounting Procedures (GAAP).

It helps to establish a centralized fixed asset tracking platform with easy-to-access location, which ensures no waste of time for finding an assets location and records. The platform simplifies computation of asset depreciation and ensures accurate figures for your accounting team.

It reduce duplication and waste, theft and loss; track depreciation accurately; and eliminate fraud, among other benefits.

Further to above audit objective, in this process we evaluate the accounting system and the effectiveness of internal controls, relating to fixed assets, covering below aspects:

Further to above audit objective, in this process we evaluate the accounting system and the effectiveness of internal controls, relating to fixed assets, covering below aspects:

1. Segregation and rotation of duties to establish effective internal control
2. Authorization process or flow for acquisition, transfer and disposal of fixed assets
3. Maintenance and recording of fixed assets documents.
4. Accountability for and safeguarding of fixed assets.
5. Independent checks.

This further facilitates to obtain the ""Fixed Assets Valuation Certificate"" which enables to obtain the Financial Loans or Cash Credit/ Bank Overdraft facilities.

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Special Audit

A special audit is a focused examination of a specific area within an organization's operations. It is typically conducted when there are suspicions of non-compliance with financial laws and regulations or mismanagement of finances. However, special audits are not limited to fraud-related cases and can also be carried out to investigate other violations, including duties, authorizations, internal control procedures, and responsibilities of senior management.

Special audits can be authorized by owners, shareholders, or top-level management. They cover various areas such as safety compliance, construction, hiring procedures, fraud, royalties, and taxes.

Owners, shareholders or upper-level management may authorise special audits.

These audits may investigate areas such as: safety compliance construction hiring procedures fraud royalties taxes
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