Auditing for a company is quite important because it has a big influence on the activities of the company concerned. To ensure that your company has a good risk management approach and internal control, the best option is to take the help of Internal Audit Consulting Firms because the experts working at these firms have years of experience and the required skills to do this work.
At the beginning of its development, auditing was only intended to search for and find fraud and errors, then it developed into an examination of financial statements to provide an opinion on the correctness of the presentation of the company’s financial statements and become one of the factors in decision making.
As companies grow, it becomes increasingly important for companies to consult Top Audit Firms in India and have an audit as governments, shareholders, financial analysts, bankers, and investors demand to assess the management quality of the operating results and performance of managers of the company.
To address this need, different types of audits emerged as a reliable means of assisting in the
implementation of their responsibilities by providing analysis, assessment, and recommendations on the activities that have been carried out. (Read More: Internal Audit – The Secret to a Successful Business!)
INTERNAL AUDIT FUNCTIONS IN THE COMPANY
The function of an internal audit within the organization is to determine whether the company’s internal control is good or not, determine the reliability of the information that has been made by the management, and determine the level of effectiveness and efficiency of various operational activities of the organization.
Also, the function of an internal audit is to examine and evaluate the company’s activities. Within the company, internal audits can focus on risk management, the process of securing assets or even maintaining compliance with regulations. The focus of internal audits also depends on the number of business departments in the company.
Meanwhile, the internal audit function in realizing good corporate governance is to maximize the company’s business value by increasing the principles of good corporate governance such as:
Transparency (openness of information),
- Accountability,
- Responsibility,
- Independency and
- Fairness in the implementation of business activities.
Carrying out an audit of the company allows you to protect your business from losses and unreasonable costs!
Internal audit of companies is a specialized service of the expert helps companies to thrive, considering all the rules and nuances of the law. The purpose of such verification is to determine reliable data on the financial condition of the entire enterprise and its financial statements.
The specialists have sufficient experience and knowledge to determine the financial condition of your business and assess its further effectiveness.
An internal audit is conducted to:
- Confirm the financial condition of the company for foreign partners;
- Increase the productivity of the firm;
- Prevent tax risks;
- Correct errors in reports that lead to administrative penalties;
- Prepare for the reporting period;
- Check the competence and negligence of the staff.
Conducting an internal audit
Since the auditing process is complex for a normal person, like a business
owner or the management team of the company, it is suggested to companies that they should take the help of Internal Audit Consulting Firms so that they get reliable results.
This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
Posted by:
CA Aman Aggarwal
AKGVG & Associates