Internal Audit Firms in Mumbai

What Do We Do as an Internal Audit Firms in Mumbai?

Our auditing & assurance services are inclusive of providing reasonable assurance about the accuracy of financial statements and other financial information, it is to audit through books, records and documents by applying the necessary independent audit techniques.
We work with organisations and cater to them with the best tax advisory to integrate bespoke tax-planning strategies required for their organisational structure.
Taxation, auditing, legal accounting, corporate economics, company recovery, and insolvency are all responsibilities that we have an expertise in

The primal objective is to cater expert and skilled assistance to our clients in the areas mentioned above. Our distinct consulting style helps to render customers with legal guidance that is both clear, understandable and comprehensive. If you are looking for the best internal audit firm in Mumbai. A Shaikh & Associates is a prestigious name that is one of the finest chartered accounting firms in Mumbai, it is connected with quality and reliability. We perform as an internal audit firm in Mumbai and are now regarded as one of the most reputable organisations in its field. Our speciality is high-end consulting in the field of finance.

WHAT WE DO

Internal Audit Firms in Mumbai

Internal audits help to check an organisation’s internal controls, which are inclusive of the corporate governance and accounting procedure. These audits guarantee conformity with laws and regulations existing in the Country, and also aid to maintain accurate and timely financial reporting and data collection. Internal Audit Firms in mumbai helps in catering management with the tools necessary to make sure the operational skill by distinguishing difficulties.

Moreover, to make sure an organisation is aligning with laws and modulates, internal audits also render a degree of risk management and safeguard against possible fraud. The plus point for appointment of internal audits firm in Mumbai give management propositions for possible amendments to current processes.

Internal Audit may also be defined as, an Independent appraisal function established within an organisation to examine and evaluate its activities as a service to the organisation. The scope of Internal Audit Firms in Mumbai is determined by the management. The Internal Audit Firms in Mumbai designs a series of processes & techniques through which an organisations own employees ascertain for the management, by means of on the job observation whether established management controls are adequate, & are effectively maintained, records & reports financial, accounting and otherwise reflect actual operations accurately & properly, each division, department or other units are carrying out the plans, policies or procedures for which they are responsible.

The Framework also indicates the nature of Internal Audit Services in Mumbai may go beyond assurance to include an consulting role as well. In addition to this, it is not limited to financial transactions only. Internal Audit Firms in Mumbai extends its objectives and scope to include Monitering of Internal Financial Controls, examination of operating information, examination of financial information, review of operating activities, review of compliance with laws & regulations, risk management, governance, etc.

What Is The Process Of An Internal Auditing?

Planning – The internal audit team will be appointed by Internal auditing firm in Mumbai and they will specify the possible extent and objectives, and review counsel applicable to the audit. E.g., laws, regulations, industry standards, company policies and procedures, etc.
Fieldwork – Fieldwork is the literal service of auditing. The audit team will act upon the audit plan. It is inclusive of interviewing employees to sustain a perceptive of the procedure and controls and reviewing relevant documents. The Internal Auditor should make sure that he should conduct Internal Audit in compliance with Standards of Internal Audit i.e within the framework governing Internal Audit and also give due consideration to documentation while conducting Internal Audit in Mumbai as this documentation provides basis for Reporting.

Reporting –The report should be written vividly to obviate any misunderstanding and to promote reading and understanding of the report. Presentation of Internal Audit report is a matter of professional judgement & choice and could be influenced by the preferences of the receipants.
Follow-up – In this procedure, the necessary follow-up with the process in which the company needs to execute the recommendations as well as look through the organisation’s overall status in countering findings identified by the internal audit.

Applicability of Internal Audit??

As per section 138 of Companies Act, 2013 r.w Rule 13 Of Companies (Accounts) Rules, 2014, certain class of company/companies are required to appoint Internal Auditor and carry on Internal Audit. An extract of Rule 13 of Companies (Accounts) Rules, 2014 is as follows :

“The following class of companies shall be required to appoint an internal auditor or a firm of internal auditors, namely:-

(a) every listed company;

(b) every unlisted public company having–

paid up share capital of fifty crore rupees or more during the preceding financial year; or
turnover(income) of two hundred crore rupees or more during the preceding financial year; or
outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or
outstanding deposits of twenty-five crore rupees or more at any point of time during the preceding financial year; and

(c) every private company having–

(i) turnover of two hundred crore rupees or more during the preceding financial year; or

(ii) outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year”