Internal Audit
What is Internal Audit?
Internal Audit is a risk management mechanism which is carried out in an independent capacity to facilitate the efficient working of an entity. It is a method used to evaluate the operating effectiveness of the internal controls employed over the processes to ensure the integrity and probity of operations.
Aplite has been providing best-in-industry internal audit services. Our approach is to add value to your organization by increasing the potency of already-placed controls and equipping your managers to better handle risks.
Why Internal Audit
Internal Audits are construed as an effective tool to counter organizational inefficiencies and streamline mismanaged activities. Some of the various reasons for conducting an internal audit are:
- Verification of the books of accounts and whether they are in accordance with the applicable accounting standards.
- To keep a check on the effectiveness of internal controls employed within an organization.
- To keep a check on implementation of policies and procedures.
- To ease the functioning of various departments of an organization by providing a clear picture of the goals and objectives to be met.
- To place a monitoring mechanism on the employees and managers of the organization.
- For identification and prevention of potential frauds and scams.
Who is required to undergo Internal Audit?
According to Section 138 of Companies Act, 2013, every Listed Company and other Public Companies having
- Share Capital of INR 50 crores and above or
- Turnover of INR 200 crores and more or
- Loans and Borrowings of INR 100 crores and above or
- Outstanding deposits of INR 25 crores.
At any point of time in the preceding financial year, shall mandatorily by law, appoint an internal auditor or an audit firm for this purpose. However, an internal audit should not be taken as a statutory liability only and every organization which longs to improve their internal controls should go ahead with it.
What Aplite Offers?
Aplite brings to you a team of experts and professionals to help you getting the assurance you need for your company pertaining to its tax, compliance, and transaction associated services. We take immense pride in the exceptionality of our services we provide and the acclamation we have garnered over our period of existence.
Under our assurance function, we cover:
- Internal Controls Review.
- Risk Assessment and Consulting.
- Statement of Procedure (SOP) Drafting.
- Operation wise Internal Audits.
- Enterprise and Technical Risk Advisory.
Our Process
An internal auditor is entrusted with the responsibility of reviewing policies, operations, procedures and evaluating the effectiveness of management control in the organization. And if any sort of inefficiency is reflected, the auditor also makes recommendations for rectification or improvement of the same.
Aplite departs a team of professionals on to your location who work closely with your in-house team in carrying out the audit. With mutual cooperation, we first obtain an understanding of the processes and controls in place and discuss the hindrances faced by you. With our deep experience and exposure into the industry, we guide you upon best industry practices to adopt.
The practice of audit is carried out to ensure fairness and plan new steps that can be taken to promote accountability and prevent any potential frauds within the system. It is an effective way to ensure all the rules and regulations relating to financial reporting, management, and operations are being complied with.