Insight

Internal Audit

Posted by FinXcel · 5 years ago

Internal audit is more comprehensive in scope of work as compared to a financial statement (external) audit. Scope of an internal audit is aimed to identify operational and financial risks, deficiencies in internal controls and governance issues, non-compliances with a company’s policies or procedures and laws or regulations.

When a company needs an Internal Audit Service

Company usually requires internal auditors under below circumstances:

Occurrence of a errors and omissions.
Work flows is not maintained at particular level of controls or standards.
Check on the relevancy and effectiveness of risk management and control environment incase of expansion or innovation in business, centralization or decentralization or any changes in business structure and change in regulatory requirements.
Existing controls are not followed or insufficient.
Ongoing embezzlements in inventory, cash, etc.
Compliances with laws & regulations or company’s policies & procedures or SOPs are not properly monitored and maintained.

How we stand out as Internal Auditor

Internal Audit requires a specific skill set to analyse a company’s risk management, control environment and governance processes. Giving regard to this key requirement of internal audit, we have developed an experienced team of highly skilled internal auditors that ensure value addition to the businesses of our clients.

Our team conducts the assessment of significant/material risk to identify areas of high, moderate and low-level concerns and prepare a comprehensive plan of internal audit that meets expectations of our clients to serve their purpose as well as the expectations of our partners to add value for our esteemed clients.

Our managing partner is well versed with International Standards of Internal Auditing formulated by the Institute of Internal Auditors (IIA), hence we have developed internal audit techniques, routines and procedures which best suits to our clients business circumstances that urges the need of an internal audit by our clients.

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