Financial Controls
Evaluation of controls over financial reporting, transaction processing, asset safeguarding, and segregation of duties within accounting and finance functions.
Audit & Assurance
Internal Audit Services
Practice01/06
Financial Controls.
Note01Refer — Scope
Testing reconciliations, journal controls, segregation of duties and asset safeguarding across finance.
Index06 Practices
Internal Audit Scope
Our internal audit engagements, conducted in accordance with IIA Standards, evaluate control design and operating effectiveness across multiple domains.
Operational Controls
Evaluation of controls within business processes—procurement, inventory, revenue cycle, and other operational areas—assessing design adequacy and operating effectiveness.
Compliance Assessment
Evaluation of adherence to applicable laws, regulations, contractual obligations, and internal policies across relevant areas of your operations.
IT General Controls
Evaluation of controls over information systems—access management, change management, data integrity, and IT governance supporting business processes.
Governance Structures
Evaluation of board and committee functioning, delegation of authority frameworks, and alignment of organisational practices with documented objectives and policies.
Section 138 Requirements
Internal audit services addressing mandatory requirements under Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014.
The Role of Internal Audit
Internal audit functions as an independent evaluation mechanism—distinct from risk management, which designs and implements risk frameworks.
- Independent evaluation of control design and operating effectiveness across functions
- Identification of control gaps, process weaknesses, and compliance deviations
- Objective findings reported directly to the audit committee and management
- Risk-based audit planning directing resources to areas of significant exposure
- Recommendations for addressing identified issues and observed weaknesses
- Support for audit committee discharge of oversight responsibilities under the Act
Our Audit Approach
Step 1
Risk-Based Planning
We assess your organisation's risk landscape to develop an audit plan that directs attention to areas of significant exposure and strategic importance.
Step 1
Risk-Based Planning
We assess your organisation's risk landscape to develop an audit plan that directs attention to areas of significant exposure and strategic importance.
Step 2
Process Documentation
We document processes, identify control objectives, and map key controls through walkthroughs, interviews, and review of relevant policies and procedures.
Step 2
Process Documentation
We document processes, identify control objectives, and map key controls through walkthroughs, interviews, and review of relevant policies and procedures.
Step 3
Control Testing
We evaluate control design for adequacy and test operating effectiveness through sampling, observation, inquiry, and re-performance of control activities.
Step 3
Control Testing
We evaluate control design for adequacy and test operating effectiveness through sampling, observation, inquiry, and re-performance of control activities.
Step 4
Findings Documentation
We document observations with supporting evidence, assess root causes, and develop recommendations that address identified gaps and weaknesses.
Step 4
Findings Documentation
We document observations with supporting evidence, assess root causes, and develop recommendations that address identified gaps and weaknesses.
Step 5
Reporting & Follow-up
We present findings to management and the audit committee, obtain management responses, and track implementation status of agreed action items.
Step 5
Reporting & Follow-up
We present findings to management and the audit committee, obtain management responses, and track implementation status of agreed action items.