Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s risk management and internal control system
Provisions under companies act
(1) Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company.
Following are our deliverables for the internal audit engagement
# Communicate our audit observation through regular reporting to management highlighting exceptions and possible risks and proactive protections along with our recommendation to mitigate risks on periodical basis.
# Deep dive on identified business process or function for end-to-end audit and report our observations
# An issue-tracker shall be prepared whilst the execution of the assignment and primary observations shall be commented by the in charge of the functional activity under review
# Post receipt of responses from the functional in-charge, final report shall be presented to the Management. The final report includes details of person responsible for implementation of our recommendations along with target date to ensure effective follow-up procedure.
# We shall also be open to prepare quarterly summarized report for presenting the same to the Board/Audit Committee.