Internal Audit & Risk Management: How An Internal Audit Firm Can Help?

Introduction to Internal Audit Firms in India

Internal auditing is a vital part of any organization. It helps companies to monitor their internal functions and make sure everything is working smoothly. It gives the company a better overview of what they’re doing right and on what areas they could improve upon. In India, several internal audit firms have been certified by some global bodies such as the Institute of Internal Auditors. Most internal audit teams are made up of Chartered Accountants or else experienced professionals such as Certified Internal Auditors who have experience in this field for years. Depending on the nature, extent and timing of the audit, there might be anywhere from one to dozens of auditors working together to complete a successful audit process!

How Internal Audit Firms can help companies globally?

Internal audit firms in India assist businesses with virtually every element of their operations. An internal audit firm helps its clients identify areas of improvement and also help with mitigating risks which ensures the achievement of its objectives.

Internal audits can also aid in the evaluation of risk assessments made by risk managers in programs aimed at mitigating business risks. Internal auditors must be adaptable to devise a strategy and perform audits that are in sync with overall company objectives.

By offering risk-based and objective assessment, guidance, and analysis, they aim to safeguard and increase an organization’s value.

Value Addition by Internal Audit Firms

Internal Auditor evaluates the effectiveness of your established internal financial controls and recommends improvements to the entire governance process via Risk Based Internal Audit Service.

They engage teams on a full-time basis for real-time transaction auditing through Concurrent Audit Services.

Internal Auditors through Fraud Investigation can assist companies in determining the root cause of the fraud, assessing the fraud’s impact, and strengthening internal controls to avoid future instances of fraud.

Enterprise Risk Management (ERM) is a management technique for systematically mitigating risks and achievement of objectives.

Internal Auditors assist businesses in adopting ERM policies and practices. They also analyze the resilience of the IT Systems through the IT General Controls evaluation to protect your essential data sources from threats and vulnerabilities.

Why choose Internal Audit Firms in India?

An Internal Auditor proactively identifies and resolves weak internal control, system gaps, and vulnerabilities during internal audit engagements.

As part of the internal audit results, they provide impartial, genuine, and outspoken comments. You can come across many such good Internal audit firms in India.

Conclusion

There are many trusted auditing firms in India, choosing the right internal audit firm at the right stage of growth for your business can help a company pivot to faster and more efficient growth while safeguarding and increasing the organization’s value.

(The author is a subject matter expert on internal audit with more than 16 years of experience. She is leading a Chartered Accountant firm and has served various large, medium and small sized companies.)