Get In Touch
Internal Audit Services
Internal audits are vital for robust financial and operational governance. Beyond compliance, they help organizations mitigate risks, enhance controls, and make informed decisions. At Bhanushali & Bhanushali, we provide in-depth evaluations to ensure transparency, efficiency, and regulatory adherence.
Why Choose Us?
We recognize every organization is unique. Our tailored approach aligns with your business needs, delivering clear, actionable insights. With experienced professionals, we identify improvement areas and guide you toward sustainable growth.
1. Which companies are required to appoint internal auditors under the Companies Act?
As per Section 138 of the Companies Act, 2013, alongside Rule 13 of the Companies (Accounts) Rules, 2014, the following entities must appoint an internal auditor:
• Listed Companies- All companies listed on stock exchanges.
• Unlisted Public Companies meeting any of these criteria during the preceding financial year:
• Paid-up share capital of ₹50 crore or more.
• Annual turnover of ₹200 crore or above.
• Outstanding loans or borrowings from banks or financial institutions exceeding ₹100 crore at any point.
• Deposits exceeding ₹25 crore at any point.
• Private Companies satisfying the following thresholds:
• Annual turnover of ₹200 crore or more during the preceding financial year.
• Loans or borrowings from banks or financial institutions exceeding ₹100 crore at any point during the preceding financial year.
2. How do internal auditors drive efficiency and improvement?
• Integrity and Objectivity: Ensuring impartiality and fairness in data collection and analysis.
• Focused Reviews: Concentrating on critical controls that impact productivity and outcomes.
• Process-Driven Approach: Conducting root cause analyses to improve systems and prevent errors.
• Constructive Reporting: Highlighting deficiencies and providing actionable recommendations to management.
• Collaborative Engagement: Partnering with management and the Audit Committee to define audit scope and ensure alignment.
• Continuous Improvement: Strengthening internal controls and processes for sustained efficiency.
3. How does internal auditing support organizational objectives?
• Internal Controls Review: Assessing the efficiency and alignment of control systems with organizational goals.
• Asset Safeguarding: Ensuring all assets, tangible and intangible, are secure, accounted for, and insured.
• Compliance Assurance: Verifying adherence to organizational policies, regulations, and procedures while addressing weaknesses.
• Information Accuracy: Evaluating the reliability and relevance of financial and operational records.
• Resource Optimization: Reviewing efficient and economic utilization of resources.
4. How can an internal audit help identify and address risks?
• Verifying evidence supporting financial statement figures and disclosures.
• Evaluating the design and effectiveness of internal controls to identify weaknesses, risks, and vulnerabilities.
• Reviewing accounting estimates and principles used in financial statements.
• Assessing entity-wide risk management and governance frameworks.
Post-analysis, we deliver a comprehensive report outlining the audit's background, methodology, and key findings after discussions with management. Our reports are precise, clear, factual, timely, and align with accepted audit standards.