Want to Ensure Financial Accuracy in your Business? Choose Internal Audit Consulting Firms In India

The role of Internal Audit in the company is crucial in the process of assuring and controlling the risks that may affect the achievement of its strategic objectives.?Internal audit consulting firms?in India?can accompany you in this process of internal control of a company by developing procedures to protect the organization’s assets, minimize possible risks and increase the efficiency of operating processes, to optimize and make the business profitable.

Internal Audit Consulting Firms? collaborate with the Audit and Internal Control department in carrying out work in those areas that require greater specialization, or that require certain resources, and also advise them on improving the function.

They can work as collaborators or directly take care of the preparation and execution of the audit plan or internal control of certain projects within the general plan of the company.

The internal audit allows monitoring the management of the business as a preventive measure, in addition to having its personalized monitoring method. It also allows to have a greater command of all the elements necessary to achieve the objectives, and thus increase the possibility of achieving them within the established period.

The main objective of an internal audit in a company is to have total control of the situation. In addition, it allows decisions to be objective by knowing the real state of the company at that time.

The internal audit seeks to meet different objectives such as:

• Follow the procedures and plans proposed by management.
• Evaluate the procedure for applying accounting, operational and financial controls.
• Control inventories so that the assets owned by the company are recorded as registered, protected, and subject to current regulations.
• Assess the economic reality of the company, checking that the accounting information available is completely accurate.
• Launch extraordinary investigations requested by management.
• Prepare the audit results report with the irregularities and improvements that can be found at the end of the investigations. Also, propose recommendations to solve them and improve processes.
• Follow up on the areas with recommendations marked in the reports and audits.

Having an adequate inspection and control system is key to meeting the objectives of your organization.

When companies begin to have notable growth, it is when internal auditing becomes more necessary because it becomes almost impossible to have direct control of all operations.

An internal audit seeks to comply with the functions, activities, responsibilities, and processes established within the company’s policies.

In addition, it verifies that the accounting information is reliable and monitors that the control system is working properly. This system must start from a previously established plan, which includes the policies and procedures to be implemented.

You should keep in mind that the more the company grows, the more difficult it is for management to control all internal processes.

Being able to monitor everything related to the management of processes and risks in companies is the mission of internal auditing, as well as serving as a control instrument for financial activities.

This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.

Posted by:

CA Aman Aggarwal

AKGVG & Associates