Internal Audit Service

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Internal Audit Service

Organizations have management structures which have to be regulated by various internal controls. Strategic planning is also essential for management in an organization. Internal audit has been defined by the Institute of Chartered Accountants of India as the process of handling risks in an organization. Some of the principles related to internal audit deal with the best practices that are followed by the management of an organization. Internal audit functioning is governed by the ICAI and these frameworks apply to all practitioners throughout India.
When it comes to international standards of internal audit, international accounting practices are followed. The principles and rules which need to be followed by companies in India are governed by the Institute of Chartered Accountants of India. There has to be compliance with the laws related to Companies Act 2013 mainly. According to section 138 of the CA 2013 the company board apart from having a chartered accountant can also have a cost accountant for the performance of internal audit functions of the board. Therefore Internal Audit can be understood as an independent assurance function to internal controls and management of the organization. This will also bring into picture governance framework in the organization.

For an organization to succeed the elements of internal audit, have to be considered. The following are the elements of internal audit:

  • Independence

    This means that there has to be independence of the audit functions and other functioning of various departments

  • Internal Controls and Risk Management

    This means that has to be a system of internal controls in place to handle risks from all perspectives

  • Governance

    This means having proper corporate governance compliance within the organization. Ensuring compliance with governance in India implies compliance with the Companies Act 2013 and other laws that affect companies. Governance also determines the relationship between the board of directors and the stakeholders of the company.

  • Organizational Objectives

    This means ensuring the organization is going in the directions of the goals.

Scope of Internal Audit Service

Fintechasia is the leading internal audit service providers within Asia. To achieve this, we have experienced chartered accountants, legal and financial professionals dealing with the internal audit regulations. We will ensure that your organization meets optimum efficiency in internal controls which will indirectly affect the internal audit function.

Why use Fintechasia Internal Audit Service ?

  • Using Fintechasia internal audit service will ensure that your organization is compliant with the laws of India
  • Fintechasia team of professionals have industry experience in the field of accounting, law and finance
  • Using our service will save maximum time and cost
  • Your organization would not need to consult external auditors for the performance of internal audit function of the organization
  • By using our internal audit service, you would get updates on the changes in the laws that affect your organization
  • Our team of expert professionals are ready to assist you regarding any issues with internal audit
  • 24/7 Customer Support
  • Constant Monitoring
  • Our Services is present throughout India
  • You can prioritize the business goals of the organization and leave the internal auditing function to us
  • We will ensure that you do not get into any legal problems for non-compliance

Service Process in Brief

Fintechasia service can be availed by the following means:

  • Provide information on our website regarding the requirements. Alternatively, you can contact us in the below-provided numbers
  • One of our team of professionals will get back to you to have a confidential discussion regarding your requirements.
  • Once we have come to a consensus regarding the internal audit service, we will commence this service immediately
  • We will provide you updated report of the service
  • If there are any queries, then our customer support team can handle it

Benefits of taking Internal Audit Service

  • Ensure that your internal audit function is in compliance
  • Our internal audit service will help your organization achieve optimum efficiency and concentrate on the business goals of the organization
  • Using our internal audit service will save time and expense
  • Expert advice from a team of chartered accountants, finance and legal professionals

Growth Opportunities

  • By taking the service, your business can grow and leave the internal audit service to our team of experienced professionals
  • Your organization will be able to handle risks in the future
  • Your organization will be compliant with all the laws
  • Our internal audit service provides regular updates on internal auditing. Your business function would benefit from this service

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Frequently Asked Questions

Internal Audit has the following features:
  • • Transparency
  • • Corporate governance
  • • Compliance with standards
  • • Internal controls
Yes it is mandatory to have an internal auditor. According to section 138 of the Companies Act 2013, it is mandatory to have a cost accountant apart from a chartered accountant for the performance of internal audit service for an organisation.
One of the main advantages of internal audit is independence function in the organisation that is done by an external auditor.

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What Our Client Is Saying

Wuhan Ching

Wuhan Ching

China

Right from NBFC consultation to Auditing Services, Fintechasia is a one stop shop for all your professional needs. They were very courteous and professional in their approach. We would definitely recommend their service to anyone seeking professional help

Tobby Carioca

Tobby Carioca

Malaysia

Fintechasia has provided me exceptional service when I consulted them for my NBFC business. From initial consultation to registering my NBFC business they were proficient and expert in their advice. I would highly recommend them for NBFC services.

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