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Internal Audit

Some businesses mistakenly think audits are necessary only when mandated by law, like government or statutory regulations, and tend to avoid them otherwise.

ProFinance Services provide the most precise and best-quality internal audit service in Pune & Mumbai, and we can establish or improve audit functions in your organization in any place.

Our Internal Audit Services

Strategic Review of Internal Audit:

  • Strategic Review of Internal Audit When organizations have an in-house audit department, they enlist our services to evaluate its procedures and capabilities in line with departmental objectives. We aim to identify areas for enhanced processes and controls, implementing improvements as necessary.

Automation of Internal Audit Work Activities:

  • Automation of Internal Audit Work Activities Deploying tailored audit management software from the market, transitioning manual audit processes to a systematic checklist-based approach within the software, and securely storing all audit data on the company’s server or cloud infrastructure.

Co-Sourcing Assignments:

  • During Co-sourcing collaborations, we collaborate closely with your internal team, offering optimal practices, software tools, internal audit checklists, and essential guidelines. We provide comprehensive guidance throughout process studies, risk assessment, audit planning, and execution, empowering your team to gain self-reliance in these areas.

Outsourced Internal Audit Services:

  • We offer comprehensive outsourced internal audit services conducted by our seasoned auditor and domain expert. Upon completion, we deliver a detailed internal audit report inclusive of recommendations, and further assist in implementing these recommendations for your business.

Internal Control Policies and Procedures Development:

  • Our expert internal auditor offers expert guidance in developing internal control policies and procedures, aiding in enhancing your organization's control framework.

Business Process Optimization:

  • Our expert auditor examines your existing business process, aligns it with best practices, identifies areas for enhancement, and crafts improved processes to boost efficiency

Follow Up Engagements:

  • We engage in follow-up sessions, aiding in the implementation of recommendations from the prior internal audit report to enhance compliance and operational efficiencies

THE INTERNAL AUDIT PROCESS

A closer look at what our four-step internal audit process looks like from start to finish.

  • Planning: Through meticulous planning, our internal auditor collaborates with client management to define objectives, scope, and vital review requirements tied to risk-based internal audits. This includes analyzing relevant laws, regulations, and company policies. We establish a detailed timeline, budget, and schedule pivotal meetings.
  • Fieldwork: During fieldwork, our dedicated audit team execute the comprehensive plan, conducting interviews with key personnel, reviewing critical information, and rigorously testing internal controls. We document our work and provide insightful recommendations.
  • Follow-Up: Post-audit, our commitment extends to ensuring client implementation of crucial recommendations. This often-overlooked step holds paramount importance to us as we prioritize our clients' success.
  • Reporting: Our auditor meticulously crafts internal audit reports post-fieldwork, ensuring utmost accuracy to prevent errors or misrepresentations. But our dedication doesn't end there; we go beyond, offering actionable recommendations for your company's growth and enhancement opportunities.

Importance and Objectives of Internal Audit Services

Internal audits are frequently overlooked by companies due to a lack of legal requirements or insufficient time and resources. However, once management grasps the significance and core objectives of internal audits, along with their manifold benefits, the internal audit process becomes significantly more valuable and rewarding. The importance and objectives of an internal audit are listed below.

  • Strategic Review of Internal Audit: Strategic Review of Internal Audit When organizations have an in-house audit department, they enlist our services to evaluate its procedures and capabilities in line with departmental objectives. We aim to identify areas for enhanced processes and controls, implementing improvements as necessary.
  • Add Value to Your Organization: Internal Audits increase productivity by enhancing risk management, control, and governance processes
  • Operational Efficiency and Asset Safeguarding: Internal audits uphold operational efficiency, ensuring financial reliability and safeguarding company assets.
  • Assurance and Effectiveness: They independently assure the effectiveness of risk management, governance, and internal control processes within the organization
  • Process Discrepancies and Improvement: Auditors pinpoint disparities between operational processes and their designed objectives, advising on necessary improvements for better alignment.
  • Risk Assessment and Fraud Prevention: Regular audits assess controls, detecting fraud evidence and identifying environmental gaps, enabling effective remediation plans.
  • Quality Control and Alignment: Auditors ensure that systems and processes are well-designed, keeping the company aligned with its goals and providing consultancy for necessary improvements.
  • Unbiased Insights: They offer unbiased views into internal controls and, when resources are limited, encourage cross-training employees for mutual departmental auditing.
  • Corporate Governance and Compliance: Audits evaluate internal controls, corporate governance, and accounting processes, ensuring compliance with regulations, accurate financial reporting, and data collection, thus maintaining operational efficiency.

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