Internal Audit

Internal Audit

Internal Audit– We are specialized in carrying out Internal Audits to all kind of Business Organizations. We carry-out audit to report the Action plan and various feasible Suggestive Measures on Irregularities and Weakness found in the Business.

Internal audits play a critical role in a company’s operations and corporate governance, especially now that the Sarbanes-Oxley Act of 2002 (SOX) holds managers legally responsible for the accuracy of their company’s financial statements. SOX also required that a company’s internal controls be documented and reviewed as part of their external audit. Internal controls

are processes and procedures implemented by a company to ensure the integrity of its financial and accounting information, promote accountability, and help prevent fraud. Examples of internal controls are segregation of duties, authorization, documentation requirements, and written processes and procedures. Internal audits seek to identify any shortcomings in a company’s internal controls.

In addition to ensuring a company is complying with laws and regulations, internal audits also provide a degree of risk management and safeguard against potential fraud, waste, or abuse. The results of internal audits provide management with suggestions for improvements to current processes not functioning as intended, which may include information technology systems as well as supply-chain management. Cybersecurity is becoming increasingly important as companies need to protect their confidential electronic information from outside attacks.

Internal audits may take place on a daily, weekly, monthly, or annual basis. Some departments may be audited more frequently than others. For example, a manufacturing process may be audited on a daily basis for quality control, while the human resources department might only be audited once a year. Audits may be scheduled, to give managers time to gather and prepare the required documents and information, or they may be a surprise, especially if unethical or illegal activity is suspected.