ZMAS and Associates, Chartered Accountants. Internal audit outsourcing firm.

“ZMAS and Associates was incorporated in 2013 with an intent to bring internal audit expertise to the Small and Medium Scale companies within and outside India. SMEs in India, USA, Europe, Australia, Canada and Middle East have scarce access to quality internal audit services. We strive to fill this gap by providing full range of internal audit and assurance services that meet our client’s expectations.”

Zehra Maccawala  Partner,  ZMAS and Associates

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Partner Involvement

Partner Involvement

Extensive Partner involvement on each internal audit engagement and executive debriefing to the management and audit committee.

Proactive Reporting

Proactive Reporting

Proactively communicate and address ineffective internal controls, process gaps and risks perceived during internal audit engagements.

Honest and Bold

Honest and Bold

Provide independent, honest and bold opinions as a part of our internal audit results.

Challenge Status Quo

Challenge Status Quo

Gently challenge old assumptions and status quo in a constructive way to strengthen governance.

“Within a short period of one month, they developed Standard Operating Procedures for establishing internal controls to ensure that assets are managed effectively and in compliance with the regulations.”

M Manoharan  Air India Express Limited

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Introduction to Agile Internal Auditing

The current business environment is changing constantly. Adoption of new technologies, automation, changes in tax laws and global uncertainty creates new risks.  As a consequence, internal auditors need to stay dynamic in order to develop a plan and conduct audits that are aligned to the business changes. This dynamism of the business environment and the expectations of the stakeholders requires internal auditors to be Agile i.e.; become more flexible and provide feedback on a real time basis.


Outsourced internal audit services are designed to meet specific needs of companies that are on the growth path.

Quality Standards

Under our firm’s Quality Control Standards, all work performed is subject to an appropriate level of review by an Audit Manager and then by a Partner to ensure quality and accuracy in the final audit report and adherence to the Quality Control Standards.

Client Focused

We take great pride in developing strong relationships with clients and investing the time necessary to understand their issues and concerns. We leverage our knowledge and understanding of our clients and their organizations in providing quality internal audit results.

Robust Team

Each of our team members undergoes 100 hours of annual training program that focuses on best industry practices followed across organizations, new developments in the field of audit and assurance, client management and professional etiquettes.


We maintain absolute confidentiality of client data. We take due care to ensure that each of our professionals respect the confidentiality of information obtained, when rendering service to our clients.

Rich Experience

Partners carry a rich experience of more than 15 years in risk based internal audits.

Having served industries across various sectors including aviation, chemical, pharmaceutical, gems and jewelry, FMCG, engineering, marketing, courier, packaging, and trading.

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Value Additions through Internal Audit
Industries Served
Audits Completed

Risk Based Internal Audits

An effective internal controls system helps your organization in achieving its objectives and ensures its perpetuity and growth. Through our Risk Based Internal Audit service, we evaluate the effectiveness of your existing internal controls and recommend improvements to the overall governance process.

Concurrent Audits

Concurrent Audits enable pre-validation of your transactions for authenticity, accuracy, and approval. It mitigates the risk of erroneous and unauthorized transactions. Through our concurrent audit services we deploy teams on full-time basis for real-time audit of transactions.


Our review of Internal Controls over Financial Reporting provides reasonable assurance that your financial statements are free of material misstatements. While under the Internal Financial Controls audit, we audit a much wider scope that cover operational controls, fraud prevention controls and reliability of financial information.

Fraud Investigation

Fraud is an inherent risk in any organization be it government, corporate, or not-for-profit. Our Fraud Investigation service helps you identify source of the fraud, evaluate the impact of fraud, identify root cause of the fraud, and strengthen internal controls, policies and governance practices in order to prevent frauds in future.

IT General Controls Audit

Increase in complexity of the IT environment has drawn attention of companies towards effectiveness of internal controls built around information technology. Through the IT General Controls review we evaluate the robustness of the IT Systems to safeguard your valuable data assets from vulnerabilities.

Enterprise Risk Management

Enterprise Risk Management is a management tool to mitigate risks in a systematic manner. It involves identification and assessment of risk, deciding on the risk mitigation measures (controls) and implementation of the controls which ensures achievement of company’s objectives. We help companies in implementing ERM and its policies and procedures.

We appreciate ZMAS and Associates, Chartered Accountants for the excellent work conducted by them and express full confidence in their performance and timely completion of the audit assignments.

M Manoharan, Air India Express Limited

We hired them for our internal audit back in 2017. They are still with us and they have delivered much beyond our expectations.

Sarabjit Singh, Fateh Rural Private Limited

I thank the team at ZMAS and Associates for their awesome work at our Company that help improve service levels and overall client satisfaction.

Bhavin Thakkar, Savit Interactive Services Pvt. Ltd.

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For your internal audit and corporate governance related needs.
Mumbai Office

ZMAS and Associates,
Ground Floor Kulkarni Patil Bhavan,
12, Murzban Road, Fort, Mumbai 400001,
Maharashtra, India




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