Internal Audit Consulting Services

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Our Working Process

• The auditor must define the scope and objectives of the internal audit and convey them to all management team members.

• The auditor is responsible for reviewing and comprehending the complex main areas of the firm. This is accomplished by conducting in-person interviews with members or evaluating the required documentation.

• The auditor must describe all of the significant risks that the company faces while staying within the scope of the internal audit.

•• The auditor must then confirm that the internal control measures utilized are ethical and effectively combat and counter the risks involved.

• The auditor must test the management controls using risk-based samples to confirm that they work as expected.

• Following that, the auditor must disclose all concerns and difficulties to management to be addressed. They must also detect any forthcoming company obstacles and, together with management, develop potential plans for these issues.

• The auditor must prepare a final report, often known as an internal audit report, to communicate their point of view.

Statutory Compliance :

• Compliance with TDS

• Compliance with Service Taxes

• Compliance with PF and ESI

• Tax Compliance by Professionals

• Compliance with Income Taxes

• Other Statutory Obligations

Controls on Fixed Assets:

• Accounting for Fixed Assets

• Maintenance of Fixed Asset Registers with Location

• Accounting for Asset Deletion and Asset Recognition

• Information about Fixed Asset Insurance

Different kinds of internal controls :

Preventive Measures

Separation of Duties : Duties are divided among different people to reduce the risk of error or inappropriate action. In general, the errands for authorizing transactions, footage transactions, and maintaining track of the associated asset are split.

Obtain excellent internal audit services in India from E-Filing:

Internal auditing services, such as internal management audits and operational audits, are provided by E-Filing in India.

Process of Internal Auditing :

  • Internal auditing entails verifying internal processes such as accounting, responsibilities allocation, and proper execution of duties.
  • It also promotes transparency, which helps to reduce dangers such as fraud and uncertainty.
  • A qualified accountant or auditor must carry it out. Managers are usually in charge of financial statements. Thus they must submit their logs to a professional auditor for verification and discrepancy eradication. It also aids with the discovery of any potential loopholes or ways in which the smooth operation of the system can be impeded.

Steps to Conducting an Internal Audit :

  • Determine Which Areas Need to be Audited and How Often They Should Be Audited
  • Make an auditing calendar.
  • Departments will be notified of upcoming audits.
  • Discussion with members of the department
  • Document the outcomes.
  • Findings of the Report

Allow our E-Filing to act as your internal auditor. We will scrutinize your managerial activities with a keen eye and alert you to any flaws as soon as possible.

The Scope Of Audit Services

Controls within the organization:

Internal controls are planned to supply reasonable assurance that the following categories of objectives will be met:

  • Financial products and operational data must be reliable and trustworthy.
  • Operational and program efficacy and efficiency.
  • Asset protection is a term that is used to describe the Process of securing one.
  • Regulations, policies, procedures, and contracts must all be followed.
Internal Audit As Part Of Our Internal Auditing And Consulting Activity, Internal Audit Assists the Company in Supporting Effective Controls By Assessing their Effectiveness and Efficiency and Promoting Continuous Improvement

Controls in Finance and Accounting :

  • Internal Controls - Test Of Controls
  • Payments and Receipts in Cash and through Bank
  • Statements of Bank Reconciliation
  • Verification of Travel and Advances
  • Verification of Transporters' Bills
  • Payment Verification for Suppliers
  • Accounting for Deposits and Interest
  • Repayments & Loan Accounting
  • Surprise Verification of Physical Cash Custody
  • Accounting for Sales Invoices and Recognizing Income
  • Filings / Documentation

Other Services

Various General Ledger Transactions And Balances Are Examined :

  • Establish an internal control system to smooth out the functions
  • Management Information System Reports
  • In an Excel datasheet, make collections and follow-ups.
  • Controls on the budget
  • Maintenance Controls and Supports are documented.

Team and Process of the E-Filing :

  • Verification of Surprise
  • India's Associated Businesses
  • Our Branches are Our Strength

Verifications, Authorizations, and Approvals :

Employees are permitted by management to perform certain tasks and conduct certain transactions within certain parameters. Management also specifies which actions or transactions need supervisory approval before performing or executing by staff. A supervisor's endorsement implies verifying and validating that the action or transaction follows established policies and measures.

Security of assets : Admittance to Equipment, Inventories, Securities, money, and other assets is Restricted and Assets are counted on a usual basis and compared to the amounts shown on the control report.

Controls for Detectives : Detective controls are prepared to detect errors or Inconsistencies after they have happened. The subsequent are some examples of detective controls:

Reviews of performance : Management compares current performance to budgets, predictions, historical periods, or other benchmarks to specify the extent to which goals and dreams are being met and detect unexpected results or unusual conditions that require further investigation.

Reconciliations : A worker compares and contrasts numerous sets of data, detects and investigates discrepancies, and takes remedial action as needed.

Customer Reviews

4.9 / 5 based on 21 ratings

"Our experience with E-Filing for Internal Audit Consulting Services has been fantastic, and their execution approach is outstanding." I'd like to stay with E-Filing for a longer period of time."
- ankit verma

“We trust and value E-Filing's great customer service, and we consult just them for all of our company's needs. We also recommend E-Filing for stress-free and hassle-free legal document preparation. E-Filing ThanQ”
- Shubham Goel

"For all your Internal Audit Consulting Services needs, this is a fantastic location with an equally fantastic staff."
- sneha

"Outstanding quality work and excellent work behavior from all personnel."
- chandan kumar
Frequently Asked Questions

Q. With An Example, What Is An Internal Audit?

Our internal audit might involve inventory control testing if management requires an inventory management evaluation. They can provide useful input to management while also increasing inventory assurance for a major asset category.

Q. What Is An Internal Auditor's Job Description?

An internal auditor's job is to deliver independent assurance that a firm's risk management, governance, and internal control mechanisms are in excellent working order. Typically, the board of directors or trustees, accounting officers, or audit committees is involved.

Q. What Are The Advantages Of Our Internal Auditing Services?

  • To create more effective and efficient corporate governance management
  • For concentrating on the company's internal control system
  • To aid in the evaluation of the internal control measures' efficacy and efficiency
  • To achieve the organization's goals and objectives through an effective governance process

Q. What Is The Procedure For Your Internal Auditing Services?

In general, there should be four broad phases of activity in an internal audit. They are.
  • Preparation
  • Experiments in the field
  • Follow-up and reporting

Q. What Is The Perfect Length Of Time For An Internal Audit?

The length of our E-Filing audit services in India will be determined by the organization's internal controls' size, complexity, and strength. Some can take as little as a few weeks, while others can take months.

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