Internal Audit Advisory Services: Applicability, Types, Benefits, and Process

Internal Audit, today, have become more than just a compliance necessity; they are a strategic imperative for driving organizational excellence. By systematically evaluating internal processes, controls, and risk management practices, our Internal Audit Consulting Services empower companies to proactively identify process inefficiencies, mitigate potential risks, and foster a culture of continuous improvement.

Key Features of Internal Audit Services

Our Internal Audit Consulting Services, enhance your business processes and improve your business position in the following ways:

Cost Reduction

• Alternatives means where costs can be cut by other alternatives
• Efficient utilisation of resources
• Areas where prices are higher than market prices

Detecting Fraud

• Those suspected areas where fraud is already detected
• Areas where control and procedures are weak or not strong enough to prevent fraud

Establishing Control

• Overall control over measures in the company by detecting weakness in policies and processes and establish necessary controls wherever required.

Cure Process Flows

• Identify process flaws and recommend mitigating measures for effective and efficient business process implementation.

Internal Audit Applicability as per Companies Act 2013

In accordance with Section 138(1) of the Companies Act, 2013, such class or classes of companies as may be prescribed shall be required to appoint an Internal Auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of functions and activities of the company.

1) Listed Companies

2) Private companies Having

        i) Turnover over 200 crores or

        ii) Loans/borrowings over 100 crores.

3) Unlisted Public Companies Having

        i) Turnover over 200 crores or

        ii) Loans/borrowings over 100 crores or

        iii) Share Capital over 50 Crores or

        iv) Outstanding deposits over 25 crores

Types of Internal Audit Services

To help board, audit committees, senior management, and audit heads achieve the above objectives, we provide a full range of IA Services to our clients:

• Risk-based Internal Audits
• Internal Audit Quality Assessment
• Internal Audit Transformation
• Internal Audit Manual
• Internal Audit Training
• IT General Control
• Full Outsourcing & Co-Sourcing

Benefits of Internal Audit

• Identification of key risks and their mitigation
• Cost savings through identification of process enhancements
• Policy enforcement and regulatory adherence
• Deter fraudulent activities by establishing robust checks and balances
• Valuable insights and increased stakeholder confidence

Internal Audit Process

Key Highlights of Our Approach

Why Choose ASC Group for Internal Audit Services in India

Choose ASC Group for Internal Audit Advisory Services because we are one of the most experienced Internal Audit Consultant in India. Ranked among the top 10 Internal Audit Firms in India, we provide expert insights, ensure compliance, and offer tailored solutions with the help of our certified internal auditors.

• Efficiency and speed: We conduct our internal audits efficiently and quickly, minimizing disruption to your business operations.
• Advanced technology: We use the latest audit technology to improve the accuracy and speed of our audits.
• Cost savings for business: By identifying inefficiencies in your processes, we can help you reduce costs and optimize your resources.
• Continuous support: We offer ongoing support and guidance to help you implement our recommendations and improve your business operations.
• Our Trusted Team: Our Certified Internal Auditors team consists of experienced professionals including CA, CFA, CFE, CIA, CS, etc. which help us in delivering quality services to our clients.
• Our Industry Experience: While providing our Internal Audit Advisory Services, we have covered different industries such as Manufacturing, Retail, Banking and Financial Services, Construction, Education, Information Technology, Logistics and Transportation, Energy and Utilities, Telecommunications, and Other sectors as well.

Also, Check "Internal Control Over Financial Reporting (ICFR Applicability) in India"

We, at ASC, believe in adding value to our clients’ businesses and we achieve this through three specific means: