An internal audit is the evaluation of all aspects of an organization by an auditor. An internal auditor can be an employee of the Company or an independent organization. The internal auditor keeps checking on the financial reporting, accounting, operations, risk management, internal controls, human resource management and all other such aspects of an organization. Unlike a statutory audit which only happens at the end of the year, an internal audit is continuous and conducted at regular intervals. An internal audit may happen daily, weekly, monthly, quarterly etc. 


ADVANTAGES OF INTERNAL AUDIT

1. More Effective Management

2. Ongoing Review and Fraud/Theft Control

3. Improves Performances of Staff

4. Ensures Optimum Use of Resources

5. Helps in Deciding Upon Division of Work

6. Reduces Accounting, Compliance Errors & Omissions

7. Senior Management Get Unbiased Organizational Information


COMPANIES FOR WHICH INTERNAL AUDIT IS MANDATORY

(1) The following class of companies shall be required to appoint an internal auditor which may be either an individual or a partnership firm or a body corporate, namely: -

(a) every listed company;

(b) every unlisted public company having

(i) paid up share capital of 50 crore rupees or more during the preceding financial year; or

(ii) turnover of 200 crore rupees or more during the preceding financial year; or

(iii) outstanding loans or borrowings from banks or public financial institutions exceeding 100 crore rupees or more at any point of time during the preceding financial year; or

(iv) outstanding deposits of 25 crore rupees or more at any point of time during the preceding financial year; and

(c) every private company having-

(i) turnover of 200 crore rupees or more during the preceding financial year; or

(ii) outstanding loans or borrowings from banks or public financial institutions exceeding 100 rupees or more at any point of time during the preceding financial year;


OUR FEE FOR INTERNAL AUDIT

Fee for internal audit depends upon the nature of business, scale of business and scope of audit decided by the management of the Company. To get the quotation for the same, call us at +91-8447729531 or write to Compliance@prehit.in.