An Internal Audit is designed to review what a company is doing in order to identify potential threats to the organization’s health & profitability and to make suggestion for mitigating the risk associated with those threats in order to minimize the costs.
It helps an organization accomplish its objectives by bringing a systematic & disciplined approach to evaluate and improve the effectiveness of risk management, control and management. Internal audit plays a pivotal role in improving an organization’s effectiveness and efficiency by providing reasons for deviations from the laid down internal control procedures & effective measures to overcome them. The scope of internal auditing within an organization is broad and may involve areas such as the efficacy of operations, the reliability of financial reporting, detecting and investigating fraud, safeguarding assets, optimum utilization of the organization’s resources and compliance with laws and regulations.
The firm conducts Statutory Audits as required by the statute, which includes