Internal Audit and Internal Control System Audit

An internal audit checks a company’s internal controls, corporate governance, and accounting processes

WHO IS THIS FOR?

This service is available for all types of businesses

HOW DO I SIGN UP?

Post the detailed discussion you will be sent the list of items required. The details will be analysed and the guidelines for the process will be provided. Complete support is provided by hosting weekly discussions and Monthly reporting.

KEY BENEFITS

Strong internal control

Efficiency

Security

Integrity

Reduced risk

Improved compliance

SERVICE SCOPE

Audit of all financial transactions on an end-to-end basis.

Study all internal control processes in the business.

Study of cost-cutting areas and reporting the same.

Analyzing various financial ratios.

Determining financial stability.

Preparing Financial Statements for every quarter.

Preparation and comparison of quarterly reports.

Detailed Stock audit on annual basis.

Analysis of tax planning and tax-saving avenues concerning the business of the company.

Advisory concerning business and strategies

The audit report will be submitted to the management every quarter.

The entire audit function will be carried out by a team of experienced Chartered accountants in the field.

The audit will be conducted in achieving the following objective –

A. Books of Accounts

Complete transactions

Accuracy of numbers

Adequate information in the accounting system

Compliance oriented accounting, in terms of income tax, GST, company law, and other related regulations

Accounting vouchers, invoices, receipts, reconciliation, and other records are maintained properly

B. Financial Control

Review of ledgers such as employee ledgers, supplier ledgers, customer ledgers, tax ledgers, proprietor/director ledgers, security deposits, bank reconciliation, bank Guarantees, to identify and initiate actions

Report to management, on the GST credit not claimable or not claimed by the company

C. Statutory Compliance

TDS deduction on suppliers, TDS Payment, TDS Returns,

Employee tax calculations and issuance of Form 16, TDS Returns

Applying and checking GST compliance on Sales invoices, GST Payment, GST

Monthly Returns

Applying and checking ESI, PF, and other compliance.

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