Internal Audit Services constitute a risk management function that is performed independently to support an organization’s management. Different from external auditing, the internal audit’s aim is to identify and fix the loopholes, shortcomings and gaps with respect to the applications and development of a company’s policies and procedures. Internal Audit Services are crucial for evaluating the organization’s control structures such as corporate governance, accounting process and much more.
At BCL India, our keen-eyed team who are well-equipped with necessary technical understandings can help your entity to achieve healthy and standard practices to maintain Finance, Risk, Statutory compliance. While all the listed companies must carry out an Internal Audit, the non-listed companies clocking more than 200 crores of turnover or having a paid-up capital more than 50 Cr or the companies having an outstanding of more than 100 Cr to a bank or public financial institution or having an outstanding of more than 25 Cr at any point of time must undergo internal auditing.
In this stage, the team discusses with the concerned client about the audit's guidelines such as corporate policies, industry standards, laws, regulations, and processes. This helps in outlines its goals.
We acess the scope of the auditing and also we review the previous audit reports. The strategic planing, assessing the risks involved and audit plan along with budget and timelines are laid out.
This is the core activity of an audit. The team meets and interview the key personnel to get an unambigious understanding of the controls and processes. The sample controls are tested and documented henceforth.
The stage of actual auditing where our experts group together and do the hands-on work in order to check the internal controls, procedures of the company is in line with the well-established criteria and guidelines.
A crisp, unambigious written report will be drafted. This is to make sure that the report is read and understood by the concern authorities beyond misinterpretation. The report must inculde suggestions and actionable reccomendations.
A report without insights is fundamentally useless. Our experts interpret the findings for you and advise the management on developing workable internal controls; how an effective and secured internal control environment can be established; how to manage core operational risks, particularly in building reliability in business operations etc., Additionally, we provide expert assistance in internal audit services, helping you link operational strategies with risk management.; transitioning from existing practices to more effective as well as focused change management and business awareness. The goal of the advisory is to assess the essential dynamics, structures, and procedures that are very much necessary to support successful corporate governance.
We assign properly trained and suitable auditors for the business and industry.
The BCL reports comprise all the important factors providing insights.
These factors help in identifying weaknesses and overall compliances.
Our audtiors thoroughly follow post the auditing process and be always available.
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