Internal_Audit


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Internal Audit

Why Internal Audit
"The efficiency of every organization depends on how effectively it is managing the risks and ensuring a competitive return on capital. It is essential to place effective risk management and internal control systems, which are crucial to the conduct of business". - The Chartered Accountant.
The Factors necessitating Internal Audit are:-

Increased size and complexity of business
Enhanced compliance requirements
Focus on Risk Management & controls to manage them
Unconventional business models
Intensive use of information technology
Stringent norms mandated by regulators to protect investors
An increasingly competitive environment

Internal Audit – Indian Scenario

Clause 49 of the Listing Agreement – The Audit Committee is required to review

The adequacy of the internal audit function, if any,
Internal audit reports relating to internal control weaknesses.
The findings of any internal investigations by the internal auditors into matters where there is a suspected fraud or irregularity or a failure of internal control system of a material nature and reporting the matter to the Board.
Also required to discuss any significant findings and follow up thereon.
CEO and CFO is required to certify to the Board of Directors

As per section 138 of Indian Companies Act 2013 read with Rule 13 Of Companies (Accounts) Rules, 2014, certain class of companies are required to appoint Internal Auditors. Companies required to appoint internal auditor.-

Every listed company; Always applicable
Every unlisted public company having–

Paid up share capital of fifty crore rupees or more during the preceding financial year; or
Turnover(income) of two hundred crore rupees or more during the preceding financial year; or
Outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or
Outstanding deposits of twenty five crore rupees or more at any point of time during the preceding financial year; and

Every private company having–

Turnover of two hundred crore rupees or more during the preceding financial year; or
Outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year:
Securities & Exchange Board of India has mandated complete internal audit on a half yearly basis for stock brokers/trading members/clearing members.
IRDA has introduced requirements of quarterly internal audit for insurers.
US Companies, having US public as investor needs to comply with the requirements of Section 302 and 404 of the Sarbanes Oxley Act of 2002.

How can we assist
We understand the factor of Independence built in the role of Internal Auditors and maintain unbiased viewpoints on the best Industrial practices, latest statutory & legal requirements with IT Infrastructure Capability Support. We carry out internal review of the business operations as an outside agency also as an additional support to the In house Internal Audit Team and cater to all size and sectors of business setups. We maintain the basic principles of Internal Audit of Integrity, Objectivity, Independence, Confidentiality, and Due Professional Care, Skills and Competence. The Members of the Institute of Chartered Accountants of India observe the requirements of the Chartered Accountants Act, 1949, Code of Ethics issued by the Institute of Chartered Accountants of India; and Other relevant pronouncements of the ICAI.
We assist in:-

Support Corporate Goals
Assessment, Implementation and Assurance on Enterprise Risk Management Systems (ERM)
Support Compliance Function
Fraud Monitoring
Identifying Improvement Opportunities
Review of Non-Financial Processes