Risk and Process Consulting
Risk and Process Consulting
The internal audit evaluates the company’s internal controls that include its corporate governance and accounting processes. They help in evaluating compliance with laws and regulations. The internal audits assist in maintaining accurate and timely financial reporting and data collection. It can also be said to be a tool that is necessary to obtain operational efficiency by way of identifying problems and also correcting lapses before they are discovered in an external audit.
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Internal audit helps in identifying the loopholes and gaps while implementing the policies and procedures laid down by the organization on various day to day functions. The audits can be performed in areas related to Finance, Risk, Statutory compliance, etc. It also does checks on the internal controls and helps in the implementation of best industry practices for meeting the corporate objectives.
What are the Benefits of Internal Audit?
- It protects the assets and reduces the possibility of fraud as it keeps a check on the internal control of the organization.
- It also serves as an early warning system that enables the organization to identify the deficiencies and also apply the remedies on a timely basis.
- It develops efficiency in operations.
- It increases the financial reliability and integrity.
- It ensures that the organization complies with the laws and statutory regulations.
- The Internal audit system looks at the monitoring procedures.
- It also helps in reducing the risk of data breaches and several other cybersecurity concerns.
Which Type of Companies are Required to Conduct Internal Audit in India?
Every Listed and Unlisted Company
Every listed and unlisted company during the preceding year has:
| Paid-up Share Capital | Rs. 50 Crores or more |
|---|---|
|
Turnover |
Rs. 200 Cores |
| Outstanding Loan or Borrowing | Exceeding Rs. 100 Crores or more |
|---|---|
|
Outstanding Deposits |
Rs. 25 Cores or more |
- Tax filing for salaried individuals with single or multiple Form 16 with Salary more than Rs. 50 Lacs
- Dividend Income of more than Rs. 10 Lacs
- Director in any Company
- House property
- Tax Due/Refund Status and Filing Confirmation
- Expert Assisted Tax Filing
Private Company
Every private company having:
- During the preceding financial year a Turnover of Rs. 200 crore or more.
- Outstanding Loan or borrowing - Exceeding Rs. 100 crores.