An internal audit is a systematic review of an organisation's financial records, business processes, and internal controls. It helps management understand whether the organisation's systems are working effectively, identify potential risks, and find areas where improvements may be needed.
We provide internal audit services to help businesses review their financial and operational processes. Our approach focuses on checking records, assessing existing controls, identifying gaps, and providing practical observations that support better management and accountability.
What Does an Internal Audit Cover?
An internal audit reviews financial records, business processes, and internal controls to identify risks, improve efficiency, and ensure compliance.
Review of Internal Controls
Examination of systems and procedures to manage financial transactions, approve expenses, and protect business assets. This helps identify weaknesses in controls.
Financial Record Verification
Review of books of account, financial statements, vouchers, and supporting documents to check the accuracy and consistency of recorded transactions.
Operational Process Review
Examination of business processes and working procedures to identify delays, unnecessary steps, and areas where efficiency can be improved.
Risk Identification and Assessment
Identification of financial, operational, and compliance-related risks that may affect business activities, along with observations on areas requiring attention.
Compliance and Policy Review
Checking whether internal procedures and applicable requirements are being followed, and identifying gaps that may need corrective action.
Audit Reporting and Recommendations
Preparation of audit observations and reports highlighting issues, control gaps, and practical recommendations for management consideration.
Frequently Asked Questions
The main purpose is to review an organisation's internal controls, financial records, and business processes to identify risks and areas for improvement.
No. Internal audit requirements depend on the type of entity, its size, and the applicable legal provisions. Certain companies are required to conduct internal audits under the Companies Act, 2013.
A statutory audit primarily examines financial statements for the purpose of providing an independent audit opinion. An internal audit focuses more broadly on internal controls, risk management, and the effectiveness of business processes.
The frequency depends on the organisation's size, operations, risk areas, and applicable requirements. Some businesses conduct audits quarterly, while others follow a different schedule based on their needs.
Documents may include books of accounts, financial statements, bank records, invoices, expense vouchers, internal policies, approval records, and relevant operational reports.
It can help identify errors, improve financial controls, reduce operational risks, strengthen accountability, and support better management decisions.
