Internal audits help you evaluate your business’ internal controls, accounting processes and compliance with laws & regulations. It is also a tool that aids in obtaining operational efficiency by investigating problems & correcting lapses before the are discovered in an external audit.

How Finspect can help you

Step 1 - Review & assessment

A. We review operations, procedures, and policies and also assist the management in establishing better policies and procedures.

B. We assess fraud risks and implement better solutions to prevent/ manage the risks proficiently in case any irregularities lead to investigations.

Step 2 - Execution

Work entails starting and running the activity for your business on a fully outsourced basis or working with an existing internal audit function to add the skills that are lacking on the team.

Step 3 - Systemic Continuity

We examine & evaluate the continuous effectiveness of the internal control system and propose enhancements, if any, based on use case conditions.

We proactively monitor new accounting rules, alert our clients to changing requirements, and offer assistance with addressing complex accounting or reporting challenges, including the latest revenue recognition and lease accounting standards.

Internal Audit Services provided by Finspect:

Function Start Up To assist organisations in setting up an Internal Audit function if they do not have one.

Risk Assessment To determine the risk-based internal audit plans that drive the optimal allocation of internal audit resources.

Internal Audit Projects The internal audit projects plan, execute and make a report relating to indings and recommendations.

Fraud Investigation To examine whether any scam or fraud has taken place and collect internal/ external evidence to save the interest of your organisation.

Why is Internal audit required? Essential Applications for your business 1. Evaluate compliance with the statutory requirements. 2. Aid internal controls for the purpose of risk management. 3. Establish sound corporate governance and use the best industry practices. 4. Manage the increased size and/or complexity of your business.

What are the Benefits of Internal Audit? 1. Protects assets & reduces the possibility of fraud by keeping a check on internal controls. 2. Acts as an early warning system that allows you to identify deficiencies and apply prompt remedies. 3. Develops efficiency in operations and increases financial reliability & integrity. 4. Helps in reducing the risk of data breaches and several other cybersecurity concerns.

Why Should You Take Compliance Help for Internal Audits?