Internal Audit.
Risk-based internal audits of business processes, controls and operations with management-level recommendations.
About this service.
Mandatory for prescribed companies under Section 138 of the Companies Act, 2013. Recommended for any entity with material operations, multiple locations or external lender requirements.
Internal audit is an independent, objective assurance and advisory activity designed to add value and improve an entity's operations. It helps entities accomplish objectives by evaluating and improving the effectiveness of risk management, control and governance processes.
Engagements are tailored to the entity's risk profile and may cover financial controls, operational processes, regulatory compliance, IT general controls, and revenue and expenditure cycles.
Findings are reported to management and the audit committee with recommended actions, root-cause analysis and tracked remediation.
What the engagement covers.
Risk assessment and annual internal audit plan
Process review of revenue, procurement, payroll and treasury cycles
Internal Financial Controls implementation review
Standard Operating Procedure (SOP) review and design
Audit committee reporting and management dashboards
Follow-up audits and remediation tracking
Applicable laws and standards.
What you receive.
- Annual internal audit plan and risk assessment
- Process-level audit reports and observations
- Quarterly audit committee deck
- Remediation tracker and closure reports
Other audit & assurance services.
Top questions.
The questions clients most often ask about this service. For anything specific to your situation, write to the firm.
It is mandatory for prescribed companies under Section 138 of the Companies Act, 2013, and recommended for other entities with material operations.
Statutory audit expresses an opinion on financial statements; internal audit evaluates and improves risk management, control and governance processes.
The Board, on the recommendation of the audit committee where one is constituted.
Financial controls, operational processes, regulatory compliance, IT general controls, and key cycles such as revenue, procurement and payroll.
Yes. The annual plan is built from a risk assessment of the entity's processes and exposures.
On a periodic cycle — typically quarterly or annually — as set out in the internal audit plan.
Management and the audit committee, with recommendations, root-cause analysis and tracked remediation.
Yes. Many entities outsource or co-source internal audit to a firm while retaining board oversight.
Yes. Internal audit supports the implementation and testing of Internal Financial Controls.
The Standards on Internal Audit (SIA series) issued by the ICAI.
Looking for internal audit support?
Write to the firm to discuss the engagement. Each engagement is scoped through a formal letter, preceded by independence and conflict-of-interest checks.