Internal audit is an independent management function which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements there to and add value as well as strengthen the overall governance mechanism of the entity, including the entity's strategic risk management and internal control system. Internal audit functions as a sibling of external audit, cross check, Probity police and a non-financial systems police.
Increased size and business spread dilutes direct management oversight on various functions necessitating the need for a full time, independent and dedicated team to review and appraise operations. Increase in the geographical spread of the businesses has also led to the crossing of political frontiers by businesses in a bid to tap global capital. This has thrown up compliance with the laws of the home country as well as the laws of that land as a critical factor for existence of businesses abroad. Internal auditors can carry out their job in a more focused manner by directing their efforts in the areas where there is a greater risk, thereby enhancing the overall efficiency of the process and adding greater value with the same set of resources.
Our firm is having vast experience in handling internal audits of variety of industries which include shipping, manufacturing, hospitals, banks, colleges, hotels etc.