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Take charge of your business's success with our cutting-edge Internal Audit services. Our expert consultants offer clear, actionable recommendations that help you boost your operational efficiency and financial integrity. At Enterslice, we go beyond traditional audits to provide a detailed analysis that highlights strengths, identifies risks, and ensures compliance with all regulations. Let us handle auditing while you focus on achieving your business goals, inspiring you to reach new heights. Get started today!
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Internal audits are important to ensure organizational compliance and operational efficiency. However, these audits come with a set of challenges that need to be dealt with strategic precision. Steering past complex regulations, managing risk, and ensuring neutral assessments demand thorough planning. By addressing these problems with a focused approach and taking internal audit services, organizations can boost audit efficacy and align results with strategic goals.
Actively participate in identifying and managing risks to strengthen governance frameworks.
Overcome challenges by pinpointing inefficiencies and recommending actionable process improvements.
Research and follow internal audit best practices to drive necessary changes.
Tackle the cost management challenge by structuring the internal audit function to maximize efficiency and value.
Adopt technology to streamline your audit processes, simplify tasks & improve overall efficiency.
Internal audit programs ensure your processes align with established policies and procedures. Here’s why internal auditing is indispensable for your organization’s success:
Gain unbiased operational insights
Streamline processes, boost performance
Protect resources from threats
Strengthen internal controls
Ensure regulatory alignment
Safeguard business assets
There are several features of internal audit that one must know to enhance the performance of the business. Some of the key features of internal audit include the following:
Internal audit is beneficial for smooth functioning of the business operations. The benefits of internal audit include the following:
Internal audits comprehensively evaluate your internal controls, which include actions, systems, and processes, to verify their effectiveness and efficiency. This ensures that controls work efficiently, regardless of who takes on each role.
Remove duplications in your processes, protocols, and management. Internal audits provide practical insights to optimize operations, saving time and cost. It is one of the substantial benefits of internal audit.
Conduct internal audits to discover your cybersecurity landscape. Recognize every digital resource, evaluate their adherence, and expose weaknesses. Receive expert advice on how to address deficiencies and strengthen your defence.
Confirm that your systems function correctly and fulfil management's commitments. Internal audits identify potential system failures and risks of human error, guaranteeing efficient operation and dependability.
Analyse all identified risks and assess the effectiveness of your risk mitigation measures. Internal audit reports provide clear recommendations to address gaps and strengthen risk management.
Assess how well you comply with laws, regulations, and industry standards. Internal audits ensure that rules are followed and advise how to make changes to meet legal and regulatory standards.
Enterslice is an internal audit consulting firm that connects you with top-tier professionals in India, including Chartered Accountants (CA), Company Secretaries (CS), and Corporate Lawyers, to support your Internal Audit needs.
We follow internal audit best practices, and our experienced advisors provide comprehensive consultation, guiding you through the essential documentation required for effective internal audits. Our internal audit services will help you transform your business.
To perform an internal audit, establish goals and boundaries, strategize the audit, collect and assess data, examine controls, collaborate with management to create and review the report, complete it, apply suggestions, and evaluate the enhancements process. The internal audit process includes the following steps:
Establish audit scope & objectives by examining laws, regulations, policies, and industry standards. Establish a schedule, create an auditing plan, identify primary process owners & launch meetings.
Conduct the audit plan by interviewing important staff, testing controls, and recording results. Recognize any special cases and suggest ways to conduct a comprehensive assessment.
Create a precise and easily understandable audit report with practical suggestions for action. Examine the draft with management to ensure accuracy before completing and sharing the report.
Ensure the implementation of suggestions by taking updates from concerned authorities. Keep track of advancements and engage the Board in monitoring the resolution of audit discoveries.
Internal audits concentrate on assessing controls for financial reporting to guarantee compliance with GAAP (generally accepted accounting procedures) and accuracy. In addition to finance, they address different operational risks as well. Types of internal audits include the following:
This Audit analyzes a company's financial records to determine their accuracy. It helps detect malpractices, misrepresentation, and financial mismanagement. Submission of audited reports is mandatory to meet compliance requirements and regulations.
This Audit comprehensively evaluates a company's operations, systems, and processes, evaluating their efficacy, worth, and overall performance. A type of performance audit, it also evaluates an entity's financial accountability systems.
This Audit measures your operations' environmental impact and ensures that your company adheres to all relevant environmental laws and regulations. It offers critical insights to enhance sustainability and ensure regulatory compliance.
IT Audits ensure the accuracy and security of systems by thoroughly examining controls for access, change management, operations, and backup. They help safeguard data and protect the organization's infrastructure.
This Audit evaluates compliance with laws, rules, and policies to protect financial well-being. Non-compliance can lead to substantial penalties, legal repercussions, or restrictions on the functioning of businesses in essential sectors.
Oversee and verify that your company meets the strategic goals and objectives the Board of Directors established. It promotes success, accountability, and alignment with the organization's long-term vision and mission.
This Audit assesses the effectiveness and controls of automated information systems. It focuses on input/output, accuracy, processing integrity, backups, and disaster recovery plans to ensure robust security measures.
This Audit is a comprehensive examination of a project's costs, processes, contracts & performance. Its purpose is to ensure efficient project management & verify that the owner receives the expected value for their investment.
Internal Audit is applicable to various organizations, including government entities, businesses, and non-profit organizations. It is important for ensuring compliance, improving risk management processes, boosting operational efficiency, and protecting assets.
Companies mandated to appoint an internal auditor as per rule 13 of the Companies (Accounts) Rules, 2014 of the Companies Act of 2013 are listed below:
1 :- If the turnover is Rs. 200 Crore or more
2 :- If the paid-up share capital is worth Rs. 50 Crore or more
3 :- If the outstanding loans or borrowings exceed the limit of Rs. 100 Crore from banks/financial institutions at any given point in time
4 :- If the outstanding deposits are more than Rs. 25 Crore in value at any given point in time
2 :- If the outstanding loans or borrowings exceed the limit of Rs. 100 Crore from banks/financial institutions at any given point in time
Enterslice understands the importance of internal audit. Our expert team turns a potentially complex process into a streamlined, strategic advantage for your business. We're here to make your internal audit journey quick and seamless and to be a game-changer for your financial integrity. Discover how we can meet the objective of internal control for your business and simplify your audit experience with our internal audit services:
Internal audit independently assesses an organization's processes, controls, and risk management. Through systematic evaluations and recommendations, it aims to boost efficiency, meet compliance, and improve overall governance.
Every company, regardless of its turnover, needs a statutory audit. However, companies with an annual turnover of more than Rs. 1 crore are mandated to have an internal audit.
The significant areas of internal audit include the following:
The pillars of internal audit include the following:
There are five globally recognized internal audit standards are the following:
Internal audit control strives to ensure that risk management, control, and governance processes are managed effectively. The primary objectives of internal control are-
Internal auditors can be appointed only if the company's Board of Directors passes a resolution per Rule 8 of the Companies (Meeting of Board and its Powers) Rules, 2014. Once the resolution is passed, the company must file Form MGT-14 with the Registrar of Companies within 30 days.
The company's management has the authority to remove the internal auditor. However, the shareholders can remove a statutory auditor from their position.
As per Section 138 of the Companies Act, any person qualified as a chartered accountant, cost accountant, company secretary or any other professional decided by the company's Board of Directors is eligible to become an internal auditor.
According to Section 144(b) of the Companies Act 2013, a statutory auditor cannot be appointed as the internal auditor. As per the rules, a statutory auditor and an internal auditor cannot be the same person.
The scope of internal auditing includes:
Internal auditing is highly demanded. In fact, internal auditors are among the most sought-after professionals worldwide since they help boost internal controls and promote transparency in an organization.
The notable objectives of internal audit include measuring the current performance of all spheres of a business venture and finding significant areas for improvement.
Advantages of internal audit include improved risk management, better internal controls, operational efficiency, compliance assurance, objective insights, fraud prevention and strategic recommendations.
The objectives of investigation in auditing include discovering fraud, identifying financial disproportions, ensuring compliance, adherence to laws and policies, assessment of internal controls and documenting evidence-based insights to support corrective actions and decision-making.
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
-- Testimonials
“The internal audit team from Enterslice delivered a fresh, unbiased look at our processes. They upgraded our risk-management practices, flagged issues early and helped us strengthen internal controls. Excellent consulting and results.”
Verified Customer
“We trusted Enterslice for our internal audit, and they exceeded expectations. Their expert team delivered deep insights, strengthened controls, and streamlined reporting. Exceptional service that adds real business value!”
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