INTERNAL AUDIT

1. What is Internal Audit?

An internal audit is the examination, monitoring and analysis of activities related to a company's operation, including its business structure, employee behavior and information systems. An internal audit is designed to review what a company is doing in order to identify potential threats to the organization's health and profitability, and to make suggestions for mitigating the risk associated with those threats in order to minimize cost

Types of Internal Audit-

1) Financial Audits address questions regarding internal controls, accounting and the propriety of financial transactions. Most audits are integrated encompassing financial, operational, compliance and information technology audits.

2) Compliance Audits determine the degree of adherence to laws, regulations, policies, and procedures.

3) Operational Audits review the use of resources and procedures/practices in the department being audited to determine if goals and objectives are being met in the most effective and efficient manner. A key component of operational audits is to assess the internal control environment of the unit to manage and mitigate inherent risks.

4) Information Technology Audits evaluate system processing controls, data security, physical security, systems development procedures, contingency planning, and systems requirements.

2. Requirements of Internal Audit?

The law in many countries requires publicly - owned companies to have internal audit activity. Many privately - owned companies have opted to start internal audit activities because of the benefits derived from it as discussed below

The expertise and knowledge of internal auditors can help in the following areas:

  1. Assess the effectiveness of the design and execution of the system of internal control and risk management.
  2. Assist management in the effective discharge of their duties.
  3. Evaluate compliance with laws and regulations.
  4. Evaluate the reliability and integrity of financial and operational information. ¾ Provide recommendation for the improvement of operations.
  5. Help in safeguarding company assets and utilization of its resources

3. Documents Required?

Requirement of document will depend on type of Internal Audit.

4. Time Required for Internal Audit?

Baxicorporate will get the Audit Completed within 14 working days subject to size of business.

5. Pricing ?

For Pricing and other details Click  

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