If you own a business, the annual audit can sometimes feel like a time-consuming and expensive process that only benefits the statutory authorities. We make sure all your onerous reporting requirements are met as painlessly as possible- keeping banks, creditors, finance providers, and even the inland revenue, happy.
But more than that – we aim to offer you the kind of business advice that could help you to run your company efficiently and cost-effectively.We also offer expert corporate tax planning advice, to make sure you’re as tax-efficient as possible.
We provide following Audit Services
- Internal Audit Services / Concurrent Audit Services
- Management Audit Services
- Operations and Efficiency Audit Services
- Special Investigative Audit Services
- Due Diligence Review
- Costing and Accounting System Design and Review
- Compilation of final accounts as per accounting standards of US GAAP
- Internal Audits
What’s an Internal Audit
Internal Audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. It is an independent, objectives assurance and consulting activity designed to add value and improve an organization’s operations. It helps organization to accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and government process.
1. Scope and Objectives of Internal Audit
As per AAS-6, Internal Control System refers to all the policies and procedures adopted by the management of the entity to assist in achieving management’s objectives ensuring the orderly conduct of the business, the accuracy and completeness of accounting records, the timely preparation of financial information, safeguarding of assets of enterprises and detection of fraud and errors in a timely manner. The internal audit function constitutes a separate component of internal control with the objective of determining whether other internal controls are well designed and properly evaluated.
The objects of internal audit can be stated as follows:
(a) Verification of the accuracy and authenticity of the financial, accounting and statistical records.
(b) Ascertaining that accepted accounting policies and practices have been followed while preparing the financial accounts.
(c) The assets are purchased or disposed under proper authorization. Also ensuring that the access to assets is restricted to the authorized persons at the authorized times.
(d) Confirming that the liabilities are incurred for the legitimate activities of the organization.
(e) The internal checks system operating in the organization is sound and economical.
(f) Fraud and errors are prevented and detected.
(g) Reviewing overall operations of internal control system and if deviations or weakness are noted, the same are communicated to the appropriate authorities on timely basis. This will help in instituting corrective actions.
Relationship between Internal and External Audit
As per AAS-7 on relying upon the work of an internal auditor, the external auditor should as a part of his audit evaluate the internal audit function to the extent he considers that it will be relevant in determining the nature, timing and extent of his audit procedures. The scope and objectives of an internal auditor are determined by the management while the external auditor has to carry out his functions under some statutory requirement Nevertheless, some of the means of achieving their respective objectives are often similar and thus, much of the work of internal auditor may be useful to the external auditor on determining the nature, timing and extend on the procedures. The external auditor should also evaluate the internal audit function to determine the extent of compliance of the substantive and compliance procedures. It is to be noted that the degree of independence an external auditor has it not with the internal auditor and hence, the report of external auditor is his sole responsibility and the fact that he has relied on the work of internal auditor does not in any way absolve him of his reporting responsibility.
Why Choose Our Internal Audit Services?
- Our skilled professional auditors adopt a risk-based approach focusing on the objectives and constraints of our clients to achieve those objectives.
- Our services have been developed for the consistent executive ordinances in all internal audit practices throughout the world.
- We go further of traditional basics and added tangible value.
- We work to build the internal audit throughout a convenient and productive tool in today’s Corporate Governance Committee environment.
- We are providing expertise to implement the audit work in specialized areas such as fraud investigations, monitoring of projects, implementation of systems, revenue assurance, IT etc.
- Our experts team also serve clients in various industries like Manufacturing, Financial Services, Telecommunications, Information Technology, Healthcare, Media & Entertainment and Consumer Business.
- Our internal audit services can assist both you and your counsel do precisely that with a comprehensive and disciplined approach that gives practical solutions, not strong reports.
- Our specialists and services are focused on value creation and offers you the vision and foresight throughout the enterprise as a whole, to address the future head on.