What is Internal Audit?

Internal audit is an independent and objective review of internal controls, financial processes, and compliance within an organization. It provides valuable insights and recommendations to improve operations and manage risks effectively. Internal audit serves as a crucial function in providing assurance to stakeholders that the organization's operations are being conducted in an ethical and efficient manner.

Additionally, it helps promote transparency and accountability by identifying any potential fraud or irregularities within the organization. This leads to strengthened corporate governance and instills greater confidence in the organization among its stakeholders.


Focused Internal Audit Services

CFO Services

Comprehensive Services

Our expert team provides a wide range of internal audit services. From risk management to compliance testing, our services cover all aspects of internal auditing. We focus on delivering tailored solutions that meet your unique business requirements and provide maximum value. With our comprehensive approach to internal auditing, we help you identify and address all potential risks and opportunities for growth.

CFO Services

Overcoming Challenges

We help businesses overcome challenges and identify areas for improvement. Our skilled team of professionals analyzes your internal processes and controls to identify any inefficiencies or weaknesses. Through our thorough assessments and recommendations, we assist you in overcoming these challenges and implementing practical solutions that enhance your business operations. With EnterSlice, you can trust that we will guide you through every step of the internal audit process

CFO Services

Achieving Goals

Our services are designed to help businesses achieve their goals. We work with you to determine your specific business objectives and tailor our internal auditing services to help you meet those goals. Whether it's streamlining processes, improving efficiency, or increasing profitability, we provide the support and expertise you need to achieve success. With EnterSlice as your partner, you can focus on running your business while we take care of the rest.

The Challenges of Internal Audit

while conducting internal audit Some of the common challenges faced by enterprises and professionals during internal audits include managing financial risks, ensuring compliance with regulations and standards, identifying fraud and errors, and maintaining data security. Balancing these challenges can be daunting, but our experienced team can help to navigate the process.

1. Inadequate Risk Assessment

One of the primary challenges in internal auditing is the identification and assessment of risks. Without a thorough understanding of an organization's risks, it becomes challenging to perform targeted internal audits. Addressing this challenge involves developing a robust risk assessment framework that considers both internal and external factors. A well-defined risk assessment process helps in prioritizing audit activities and resources effectively.

2. Lack of Accountability

Accountability is a critical aspect of internal auditing. It involves ensuring that audit findings and recommendations are acted upon promptly and effectively. In many organizations, there can be a lack of clear responsibility and accountability for implementing audit recommendations. This challenge can be addressed by establishing clear lines of responsibility, monitoring progress, and creating a culture of ownership for audit outcomes.

3. Outdated Technology

Internal auditors rely on technology to efficiently collect, analyze, and interpret vast amounts of data. Outdated or inadequate audit tools and technology can hinder the audit process, leading to inefficiencies and inaccuracies. Organizations should invest in advanced audit software and technology solutions to overcome this challenge. These tools can streamline audit workflows, enhance data analysis capabilities, and provide real-time insights, making audits more efficient and data-driven.

Why Do You Need an Internal Audit?


Identify Control Weaknesses

Internal audits help identify control weaknesses that could lead to fraud, errors, or non-compliance. By identifying these weaknesses, businesses can take proactive measures to strengthen their controls and mitigate risks. Additionally, internal audits provide valuable insights into areas that may require process improvements ultimately enhancing the overall effectiveness and efficiency of the business operations.


Optimize Operational Efficiency

By analyzing processes, internal audits help optimize efficiency, reduce costs, and enhance productivity. Moreover, internal audits provide businesses with a complete understanding of how their processes work, helping them identify opportunities for optimization and evaluate resource allocation. By streamlining operations and addressing inefficiencies, businesses can effectively allocate resources and increase their bottom line.


Stay Compliant

Internal audits ensure compliance with regulatory requirements, industry standards, and internal policies. Furthermore, they help to keep the business up to date with any changes in regulations or policies, ensuring ongoing compliance. This enables the company to reduce potential risks, avoid penalties, and protect their reputation.

Outsourced Internal audit Vs in-house department

Financial modeling Services

Fresh and Unbiased Perspective

One of the primary advantages of outsourcing internal audit services is the fresh and unbiased perspective external auditors bring to the table. The internal dynamics, politics do not influence these auditors, or preconceived notions within the organization.

Financial modeling Services

Access to Expertise

Outsourcing internal audit offers organizations access to a wider range of expertise knowledge. External audit firms typically employ professionals with diverse backgrounds & experiences, allowing them to bring in-depth industry knowledge & best practices to the table.

Financial modeling Services

Cost Savings

Cost considerations are often a significant factor in the decision between outsourcing and maintaining an in-house audit department. Outsourcing can lead to substantial cost savings for organizations. By outsourcing, companies can eliminate the need to hire, train,

Financial modeling Services


Flexibility is another key advantage of outsourcing internal audit functions. External audit firms can adapt to the organisation's changing needs more easily than an in-house department. Organizations can scale up or down their audit requirements based on business needs.

Our Approach to Internal Audit

At Enterslice, our approach to internal auditing combines industry expertise, cutting-edge technology, and a deep understanding of your business. We tailor our audit methodologies to address your specific risks and objectives, ensuring valuable insights and recommendations. Some key points that a consulting firm may follow during an internal audit are: identifying the company's internal control systems; assessing risk management and compliance; evaluating the accuracy of financial information; testing operational effectiveness; and providing recommendations for improving processes and controls. Additionally, communication with all levels of management is crucial to ensuring the successful implementation of audit recommendations and continuously improving internal controls. Our team of experts works collaboratively with your organization to identify areas of improvement and implement effective solutions that drive success.

1. Understanding the Organization:

Begin by thoroughly understanding the organization's structure, operations, objectives, and key processes. This knowledge is essential for tailoring the audit scope.

2. Risk Assessment:

Conduct a comprehensive risk assessment to identify areas of high risk that require greater scrutiny. This helps in prioritizing audit focus.

3. Audit Planning:

Develop a detailed audit plan that includes the audit scope, objectives, criteria, and a timeline. Ensure that all relevant stakeholders are aware of and onboard with the audit plan.

4. Documentation Review:

Examine relevant Paper works, policies, procedures, and records to assess compliance with internal and external requirements.

5. Interviews and Communication:

Engage with key personnel, management, and employees to gather information, clarify processes, and identify areas of concern.

6. Sampling and Testing:

Use statistical sampling or judgmental sampling to select a representative subset of transactions or processes for testing. Verify that controls are operating effectively.

7. Control Evaluation:

Assess the design and effectiveness of internal controls, including segregation of duties, authorization procedures, and access controls.

8. Data Analysis:

Utilize data analytics tools to analyze large datasets for anomalies, irregularities, or trends that may indicate potential issues.

9. Identifying Non-Compliance:

Identify instances of non-compliance with internal policies and external regulations and determine their significance.

10. Root Cause Analysis:

When issues are identified, conduct root cause analysis to understand why they occurred and recommend corrective actions.

11. Reporting:

Prepare clear and concise audit reports that outline findings, recommendations, and corrective action plans. Reports should be tailored for different audiences, including management and audit committees.

12. Follow-up:

Ensure that audit recommendations are tracked and that management takes corrective actions within established timelines. Follow up to confirm that corrective measures have been implemented.

13. Continuous Improvement:

Provide insights and recommendations for improving internal controls, processes, and risk management practices.

14. Professional Standards:

Adhere to professional auditing standards, such as those issued by the Institute of Internal Auditors (IIA), if applicable.

15. Independence and Objectivity:

Maintain independence and objectivity throughout the audit process, and avoid conflicts of interest. Additionally, auditors should ensure that they are objective and unbiased when conducting audits and making recommendations. They should avoid any personal or professional relationships with the audited entity that could compromise their objectivity. Finally, auditors must maintain a high level of integrity to uphold the public's trust in the audit process.

16. Ethical Conduct:

Uphold the highest ethical standards and confidentiality in handling sensitive information. Collaboration: Collaborate with the audit team and other stakeholders to gather information, share knowledge, and ensure a comprehensive understanding of the audited area.

Training and Development:

Stay updated on the latest audit techniques and industry best practices through continuous learning and professional development opportunities.


Effectively communicate audit findings, recommendations, and progress updates to management, stakeholders, and relevant parties in a clear and concise manner.

17. Audit Technology:

Leverage audit management software and data analytics tools to enhance the efficiency and effectiveness of the audit process. Additionally, consider implementing continuous monitoring techniques to detect and address issues in real-time. Incorporating emerging technologies such as artificial intelligence and machine learning can also improve the audit process.

18. Training and Development:

Invest in the ongoing training and development of audit staff to ensure they have the necessary skills and knowledge. Offer a variety of training approaches, including classroom, online, and on-the-job training, to accommodate different learning styles. Furthermore, provide opportunities for audit staff to attend external conferences and seminars to broaden their knowledge base and stay current in their field.

19. Client Collaboration:

Foster open and transparent communication with the client organization, working collaboratively to address issues and improve processes.

20. Feedback and Evaluation:

Collect feedback from the audited organization and internal audit team members to continually enhance the audit process.

Benefits of Our Internal Audit Services


Enhanced Risk Management

Identify and mitigate risks to safeguard your business. Our internal audit services provide a comprehensive risk management approach tailored to your organization's specific needs. With our expertise, we can identify potential risks, evaluate their impact, and implement strategies to mitigate them effectively. By taking a proactive approach to risk management, we help ensure the long-term success and sustainability of your business.


Improved Financial Performance

Identify areas for cost reduction and revenue enhancement. Our internal audit program empowers you to make informed financial decisions by providing you with comprehensive insights into your financial performance. We will examine your financial statements and assess the effectiveness of your financial processes, identifying areas where you can reduce costs and increase revenue. With our help, you can achieve better financial performance and position your business for long-term success.


Stronger Internal Controls

Ensure data security, regulatory compliance, and fraud prevention. Our internal audit services also focus on strengthening internal controls within your organization. We will assess and evaluate your current controls to ensure data security, regulatory compliance, and fraud prevention. By implementing robust internal control measures, you can safeguard your organization's assets, maintain the integrity of your financial information, and mitigate the risk of any potential fraudulent activities.

Let’s Connect with our Best Experts

If you have any questions or problems in recovery, feel free to contact us. We will provide you with immediate help.


On boarding Procedure for Internal Audit Offerings

Choose your desired service

from Enterslice's comprehensive range of internal audit offerings, whether it's a risk-based audit, process review, compliance audit, or any other tailored solution. Contact our team today to discuss your specific requirements and objectives, and we will guide you through the onboarding procedure to ensure a seamless experience. Together, we will enhance your organization's operational efficiency, minimize risks, and drive sustainable growth.

Complete the payment for your selected service

Conveniently make your payment to initiate the process seamlessly and quickly. Our team will then commence the onboarding process, which includes a thorough review of your organization's processes, systems, and controls. Through this review, we will identify areas for improvement, inefficiencies, and risks, and develop a tailored solution to address these issues effectively.

Personal Relationship Manager Assignment

A dedicated Relationship Manager (RM) will be assigned to oversee and assist with your order . Your RM will serve as your main point of contact throughout the engagement, providing regular updates, answering any questions you may have, and ensuring that all deliverables are met within the agreed-upon timeline. With our tailored solutions and personalized attention, we are committed to helping you achieve your organizational objectives and drive success.

Real-time Progress Tracking

Stay informed and in control by tracking the progress of your order in real-time through our intuitive platform . Our platform provides you with updates on milestones achieved, tasks completed, and any potential delays along the way. This transparency allows you to have a clear understanding of the status of your order and make informed decisions based on real-time information.

Order Fulfilment

Witness the successful completion of your order, ensuring your needs are met with precision and efficiency by our dedicated team of professionals. From the moment you place your order to the final delivery, we pride ourselves on delivering exceptional service and exceeding your expectations. Our commitment to order fulfillment ensures that every detail is handled with care, so you can rest assured that your needs will be met with the utmost precision and efficiency.

Frequently Ask Questions

Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

Internal audit is important because it helps organizations identify and mitigate risks, streamline operations, ensure compliance, and improve overall performance.

Internal audit helps safeguard a business's reputation by ensuring compliance with industry standards and preventing legal and financial consequences that could damage its reputation.

Internal audit provides valuable insights and recommendations that drive better decision-making by providing an unbiased assessment of an organization's operations and identifying areas for improvement.

Auditors continuously adapt to evolving needs through ongoing training and by keeping themselves up to date with the latest industry trends and regulatory requirements.

Internal audit helps eliminate errors, fraud, and costly mistakes by providing a thorough and error-free system.

Internal Audits should typically have four phases in activities. They are:
  • Planning
  • Research and Fieldwork
  • Reporting
  • Follow-up.

The requirements of an internal audit are to provide objective and independent assurance that an organization's internal control processes are in place and effective in achieving its objectives, identifying areas for improvement, and ensuring compliance with applicable laws, regulations, and policies.

An internal audit is an independent evaluation of an organization's financial and operational functions. For example, an internal auditor may examine an organization's financial statements and accounting procedures to ensure compliance with generally accepted accounting principles. They may also review operational processes to identify cost-saving measures and streamline procedures.

Enterslice's internal audit services can help in identifying potential risks and weaknesses in an organization's control processes. Our team of experts can provide valuable insights into effective risk management practices, ensuring compliance with laws and regulations, and improving operational efficiencies. By conducting regular internal audits, Enterslice can help organizations proactively mitigate risks and prevent costly errors and fraud.

The duration of an internal audit can vary depending on the size, complexity, and nature of the organization being audited. Typically, the process can take anywhere from a few weeks to several months. Factors such as the scope of the audit, availability of necessary Paper works, and the cooperation of employees can also affect the timeline.

An internal service audit is a type of internal audit that focuses specifically on the processes and controls within an organization's internal service functions such as IT, HR, or finance. The goal of this type of audit is to identify areas where these services can be improved and ensure their efficiency and effectiveness. By conducting regular internal service audits, an organization can improve its overall performance and reduce the risk of errors and fraud.

Internal audits are typically conducted through a systematic and structured approach. The process begins with planning and scoping the audit, followed by gathering and analyzing relevant data and information. This is then followed by conducting interviews, performing tests, and evaluating controls to assess compliance with internal policies and procedures. The audit findings are then Documented in a report, and recommendations are provided for areas of improvement.

Throughout an internal audit, auditors conduct a review of internal controls and processes to identify gaps, inefficiencies, or opportunities for improvement. They analyze data, conduct tests, and evaluate compliance with policies and regulations. The audit findings are then used to provide recommendations for improving internal practices and enhancing organizational performance.

Internal audit is not compulsory, but it is a best practice in modern companies to have an internal audit function to provide an independent assessment of the effectiveness of governance, risk management, and control processes within an organization. It adds value to an organization by improving its operations and can provide assurance to management and the board of directors over the effectiveness of an organization's risk management.

The duration of an internal audit depends on the size and complexity of the organization under review. A typical internal audit can last anywhere from a few days to several weeks, and in some cases, months. The length of the audit is determined by the scope of the review and the number of areas that need to be assessed.

Internal audit services play a crucial role in modern businesses by providing an independent and objective evaluation of the organization's processes, controls, and risk management practices. Through their assessments, internal auditors identify areas of improvement, highlight potential risks, and recommend strategies to enhance performance and ensure compliance with regulations. By doing so, internal audit services contribute to the overall effectiveness, efficiency, and sustainability of the organization.

Enterslice's internal audit services can streamline your company's operations by conducting a thorough assessment of your processes and controls. By identifying areas of inefficiencies and risks, they can provide recommendations to enhance operational effectiveness and reduce the likelihood of errors or fraud. With their expertise and experience, Enterslice's internal audit services can help you implement best practices and ensure compliance with regulations, ultimately improving your company's performance and sustainability.

Enterslice's internal audit services can benefit a wide range of industries, including but not limited to financial services, healthcare, manufacturing, technology, and retail. Regardless of industry, Enterslice can tailor its approach to address the unique challenges and risks faced by each organization.

The cost savings from using Enterslice's internal audit services will depend on the scope of the audit and the specific recommendations made. However, by identifying areas of inefficiencies and risks, Enterslice can help organizations reduce waste, improve productivity, and minimize the risk of errors or fraud, which can ultimately lead to significant cost savings over time.

Why Choose Us

We are known for offering tailor-made solutions to our clients with our client-centric and end-to-end support. We have successfully incorporated 300+ companies worldwide.


Over 500 Certified Internal Auditors


Experts in Ind-AS, US-GAAP, and IFRS


More than 20 Years of Experience


Specialized Internal Auditors for Various Industries

Our Awards Our Awards

Top 100 Companies in Asia - Red Herring
Top 100 Companies in Asia - Red Herring

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.

Top 25 in India - Consultants Review

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.

Top 25 in India - Consultants Review

We partner with more than 100+ companies

-- Testimonials

Don't take our word for it

In the news

Get Started Live Chat

Get Expert Guidance