Internal Audit Services

Internal Audit Services

Background

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Risk implies future uncertainty about deviation from expected earnings/ outcome eg. loss of assets etc.

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LO RT NOC LANRETN

A process effected by an organization’s people, designed to provide reasonable assurance on effectiveness and efficiency of operations, reliability of financial reporting, compliance with laws, eg. periodic physical verification of assets etc.

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Independent, objective assurance, consulting activity designed to add value, improve an organization's operations & helps in accomplish its objectives.

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Applicability

Public Unlisted Companies

Rs. 50 Crores or more during the preceding financial year

Requirement

Private Companies

Paid up Share Capital

Not applicable

Rs. 200 Crores or more during the preceding Financial Year

Turnover

Rs. 200 Crores or more during the preceding Financial Year

Exceeding Rs. 100 Crores or more at any point of time during the preceding financial year

Outstanding Loan & Borrowings from Banks or Public Financial Institutions

Exceeding Rs. 100 Crores or more at any point of time during the preceding financial year

Rs. 25 Crores or more at any pointof time during the preceding financial year

Outstanding Deposits

Not Applicable

Note: Internal Audit is mandatory applicable on Listed Companies without any Terms & Conditions.

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Areas of Review

Information Technology

Order to Cash

Legal, Sectorial & Compliances

Logistics & Distributions

Capital Expenditure

Procure to Pay

Inventory & Warehouse Management

Administrative Expenses Finance & Accounts

Production

Human Resources & Payroll

Maintenance

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Methodology

Process Review

Review of the process on the basis of walkthrough – System, physical and documentation

Transaction Analysis

Analytics of the reports being extracted at various stages of the process and identification of exceptions

Detailed Review of Transactions

Review of documentation for exceptions identified at the previous stages and other critical transactions

Route Cause Analysis

Reporting

Detailed root cause analysis and suggesting recommendation for improvement of control environment

Discussion and reporting to the management

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Deliverables

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Detailed Observation Logs Root Cause Analysis

Executive Summary

Recommendations (Process & Transactional)

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Benefits Through Internal Audit procedures, the organization shall be able to identify the below mentioned aspects for suitable actions/counter measures.

Control Weakness Cost Control Opportunities Procedural & Regulatory Non-compliance Deviation from Best Practices Operational Inefficiencies

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Connect with us

Abhijeet Sharma COO – Risk, Assurance, Transaction Advisory Services & Business Development - Non-Foreign Enterprise +91-98108-08653 a1.sharma@mayurbatra.com

Pulkit Jaidev Senior Manager – Business Development +91-99998-77683 p.jaidev@mbgcorp.com

Website: www.mbgcorp.com/in Email: communications@mbgcorp.com Phone: +91-8860190008

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