Tienmo Consulting: Leading audit firms in India
Brands realise that they must invest in an internal audit service, which aids in smooth operational functioning and risk management. Over time, it contributes to positive business growth, opportunities and turnover. Audit firms in Mumbai work together with the brand to understand their business objectives and strategies, enabling them to design the right operational business internal audit framework. As a result, your shareholders and customers benefit from professional and experienced business evaluations.
Services such as advising on managing core business operational risks, developing internal controls, implementing a secure and efficient internal control scenario, business awareness and change management procedures, risk performance and operating strategies and staff upskilling (assistance and training) comprise internal audit services. In addition, top audit firms in India analyse the organisation’s chief processes, dynamics and structures to maintain efficient corporate governance.
Why are internal audits essential for business?
Internal audits are assessments of an enterprise’s internal control over its accounting and corporate governance procedures, including its adherence to legal regulations. They maintain timely, accurate and up-to-date data collection and financial reporting. This prevents operational inefficiency, potential frauds and other loopholes before being discovered in external audits, which poses severe legal and economic consequences.
Headed by the Institute of Chartered Accountants of India (ICAI), it follows the standards set for internal audits. The ICAI declares internal audits as a critical risk management tool that must be independently performed to aid an organisation’s management. Carried out on behalf of the administration, it differs from statutory or external audits.
The requirement for internal audits increases as per the business’ size, management and complexity; its adherence to legal and statutory requirements, risk management, information technology and industry practices. They identify the inadequacies in the organisation’s daily procedure and policy implementation. Performed on statutory, risk and financial compliances, internal audits ensure that only the exemplary industry practices are performed to meet corporate objectives.
Advantages of internal audits
The management hires internal audit providers to evaluate the company’s performance, such as accurate and up-to-date accounting records amidst other daily operations. Auditors assure the shareholders of an efficient and honest performance regarding risk management and corporate governance. In addition, once the audits are performed, the management receives a bird’s eye view of the operations and whether they follow the legal and company regulations as specified.
With Internal audit services, you can manage business concerns more effectively, as they control business activities. They ensure the smooth direction and supervision of ongoing operations and aid in removing possible obstacles. Internal quality checks review the progress of particular business concerns, such as performance, balance sheets, income statements and financial turnovers. Once the cause is
determined, audit firms in India provide recommendations for enhanced performance.
Internal audits protect accounting records from possible frauds and errors, which could be later detected and rectified. They evaluate the staff and hold poor performers responsible for their work, including those from the management. Finally, they prepare the organisation to face external audits and inspections.
Procedure to conduct business audits
The internal business audit starts with planning, where the team describes the audit’s guidelines, objectives and scope, such as industry standards, company policies, legal regulations and more. Next, it reviews previous budget and performance audits and designs audit plans to be followed. During fieldwork, auditors interview the personnel to understand the controls and processes. Finally, they study the documentation and work performed while identifying mistakes and recommendations.
Auditors draft a concise audit report, which encourages the management to read it. It contains insights and actionable recommendations, which would improve business performance. The management ensures that the issuance and findings are accurate and implement the solutions. Finally, the administration must continue supervising the given recommendations.
Our audit services include
Tienmo Consulting LLP also known as Audit firms in India which perform the following services, such as concurrent audits and process audits. Process audits refer to an internal control system that mitigates risks to achieve business objectives and ensure performance quality management. On the other hand, concurrent audits pre-validate financial transactions for accuracy, approval and authenticity to mitigate unauthorised and erroneous transactions.