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What is internal audit
Internal auditing serves the purpose of assessing the effectiveness of the company's internal control systems, corporate governance structures, adherence to legal requirements, and accounting practices to guarantee precise and prompt financial reporting, operational effectiveness, and asset protection. The internal audit function supports the organization in achieving its strategic goals and objectives by implementing a structured and methodical approach to enhance risk management, governance frameworks, and compliance with applicable laws and regulations. It instills essential assurance in management that the organization is capable of responding to the dynamic external environment.
The rapidly evolving landscape of compliance requirements, coupled with globalization, innovative business models, distinctive financial transactions, and a shortage of quality resources, places significant pressure on internal audit professionals within organizations. The heightened competition from both online and offline enterprises has transformed business structures and altered operational methodologies, particularly in relation to procurement, sales, finance, and inventory management.
Now is an opportune moment for businesses to reassess their internal control frameworks and make necessary adjustments to maintain competitiveness and operational efficiency. Our internal audit services offer valuable insights aimed at improving the effectiveness of internal controls.
Our internal audit services assist executives and board members in better managing performance, risks, and employee productivity. They facilitate oversight of the organization's financial health while promoting efficiency, effectiveness, and quality within the business. Key aspects of our internal audit services include risk management, optimization of internal controls, and enhancement of corporate governance.
They assess the company's risk tolerance, identify and mitigate potential risks, and communicate these risks to the management.
Internal audit pertains to the auditing function conducted within an organization to assess its regular operations and provide recommendations for potential enhancements. This evaluation focuses on the effectiveness of the organization's activities. While not mandatory, it is an ongoing process. In contrast, external audit involves the examination and validation of a company's financial statements to ensure their accuracy and reliability. The assessment centers on the truthfulness and fairness of these financial documents.
According to Section 138 of the Companies Act, 2013, in conjunction with Rule 13 of the Companies (Accounts) Rules 2014, specific categories of companies are mandated to appoint internal auditors. All listed companies are required to appoint either an internal auditor or a firm specializing in internal auditing. An unlisted public company must appoint an internal auditor if its paid-up share capital surpasses fifty crores rupees, its turnover exceeds two hundred crores rupees, its outstanding loans or borrowings from banks or financial institutions exceed one hundred crores rupees, or if its outstanding deposits exceed twenty-five crores rupees. Additionally, any private limited company with a turnover of two hundred crores rupees or more, or with outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crores rupees at any point during the previous financial year, is also required to appoint an internal auditor.