Finding a trusted internal audit partner can go a long way in managing corporate complexities. As a trusted internal audit company in Chennai, can help traverse this situation.
Explore with us the essentials of internal audits, how to know you need one and what to expect from top internal audit company in Chennai.
Does Your Chennai Business Need an Internal Audit: Take the Quiz!
Internal Audit is an independent examination of the internal records of the company to identify if there is any material fraud or misstatement in the financial statements.
Here’s how to know you need one:
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I know how much profit I make every month accurately.
That’s good news! PKC Tax Advisory provides you with an overview of all your assets and liabilities along with your net worthNO YES -
I get accurate data on receivables payables whenever I ask.
Great work! Get detailed customized reports and forecasts with PKC Tax Advisory to manage your taxes & financeNO YES -
I never paid interest or penalty due to statutory non-compliance.
Excellent! With PKC Tax Advisory you can understand why you’re paying what you’re paying and properly plan IT/GSTNO YES -
My accounts are up to date. Each entry is recorded immediately and accurately.
Great to have that access! PKC Tax Advisory ensures complete hand holding with communication on top priorityNO YES -
I know my cash flow and getting insights from my accounts team on how to improve it.
Great to have that access! PKC Tax Advisory ensures complete hand holding with communication on top priorityNO YES -
I get sufficient reports to grow my business.
Excellent! With PKC Tax Advisory you can understand why you’re paying what you’re paying and properly plan IT/GSTNO YES
If your score is below 3, You should immediately get an Internal Audit Company services
Benefits to Choosing Top Internal Audit Firm In Chennai
Internal audits are usually conducted on a periodic basis such as monthly, quarterly, etc. More the frequency of the Internal Audit, the better the results.
Here are some benefits you can expect:
100% Statutory & Legal Compliances
An internal audit conducted by the best service providers saves you interest, penalty, and personal peace by identifying and fixing non compliances with GST, TDS, EPF/ESI, IT provisions.
Zero frauds & Pilferage loss
They can identify the potential frauds or pilferages that could have happened. Auditors assess and review financial controls in your business and guide you on setting up controls to avoid frauds, pilferages in future.
Improved Processes & Systems
Right processes & systems help you grow easily, improve clarity across the board, save cost and improve operational efficiency.
Efficient internal audit teams will help you identify major deficiencies in your internal systems & processes and provide implementable recommendations.
Up-To-Date Accounts With Zero Errors
They keep your accounts error-free, relevant, and real-time for decision making.
A well done internal audit gives you assurance that your business data is accurate and updated so that you can take your decisions without worrying about reliability,
Business Growth With MIS
Top internal audit companies in Chennai like PKC will analyse your financial data and generate intelligent business reports.
This provides powerful insights on how your business is performing, what’s working for you, and what’s not. This will help you to substantially grow your business.
What Makes PKC Management Consulting a Unique Internal Audit Company in Chennai?
As an internal audit company in Chennai, we provide assurance and confidence on whether your organisation is going right or not. Here’s what makes us unique:
Expertise in Finance & Operations
Our Internal Audit teams in Chennai are trained for not only financial aspects of the business but also operational aspects.
It enables our team to give you sustainable, practical recommendations.
Expertise Across Industries
We have over 35 years of expertise in manufacturing, trading & distribution, retail, construction, healthcare, education, food industry, grocery, hypermarket, IT/ITEs, etc.
We are renowned as one of the best Internal Audit Firms in Chennai.
Tech-Enabled Audit
We integrate tech into every aspect of our work. We use the latest tech tools and automated audit procedures to provide accurate & quick insights.
Dedicated Knowledge & Research Team
Our in-house team keeps updated with all the legal, financial, technical, business developments in the industry.
We also conduct Super Saturday training sessions to keep up with industry changes.
30+ ERP and 10+ Acc Packages
We believe businesses should have the right software that best suits their needs. We do not require your accounts to be on the tally.
Our team can work on all the software whether it is Tally, Zoho, SAP, Quickbooks or even customized software.
Personalized Attention
Each of our audits is led by a qualified professional and supervised by a Manager & partner from HO.
All of the observations & insights undergo three-level review mechanisms to maintain superior quality.
Auditors for Mid-sized Companies in Chennai
As the best internal audit firms in Chennai, we understand
- nitty-gritty of small and medium enterprises
- difference between auditing an MNC and auditing an SME
- differences in employee skills, organization culture, availability of data, etc.
Our SME audit programs are specifically designed to cater to the very specific needs of small and medium enterprises.
Achievements of PKC’s Internal Audit for Chennai Businesses
- Helped 50+ clients to save taxes, penalty or interest of ~10+ lakhs per client for the last year.
- Complete hand-holding of finance operations helped a client to focus on core business activities which in turn led to the opening of 3 new stores & increased turnovers from 80 to 225 crores
- 100% rectification of accounting errors led to zero observations during VC financial due diligence & helped to raise $50 million
- Periodical MIS reports & cost-saving recommendations resulted in a reduction of expenditure ~50 million for a retail giant
- Continuous review engagement helped a retailer to improve the stock turnover ratio by 100%
- The audit team helped a client to identify & account for an amount of Rs 50+ lakh unaccounted expenses on the accounting software.
PKC’s Internal Audit Coverage
Financial MIS Reports
- Income & expense analysis – trend, abnormal, etc.
- Debtor Aging & Creditor Aging
- Cash flow analysis
- Recommending controls to mitigate revenue leakages/non-value-added cost
- Excess Payments made to vendors
- Other cash flow-related issues like excess OD Interest charges, etc,..
- Other financial reports are relevant to the company.
Operational MIS reports
- Inventory turnover analysis
- BCG / Growth-Share Matrix Analysis
- Pareto Analysis
- Product Sales Analysis
- Lead time Analysis
- Production Efficiency Analysis
- Other Operational reports are relevant to the company.
- Recommendations to improve processes & systems of the company
Statutory Compliances
- GST compliances
- TDS/TCS compliances
- EPF/ESI compliances
- FEMA/RBI Compliances
- Compliances under Income Tax act
- Recommendations to improve the compliance score across statutory acts mentioned above.
- Recommendations to avail statutory benefits applicable to the Organisation
- Rectification status of previous month’s material non-compliances
- Reporting of chronic non-compliances
Financial Records Accuracy
- Major Accounting mistakes
- Improvements in accounting methodology
- The suggestion of accounting policies
- Huge deviations/errors in computations like revenue accounting, etc.
- Verification of Cash & Bank Transactions
- Debtors & creditors transaction verification
- Vouching
- Ensuring books are maintained on an accrual basis
- Ensuring books are up to date
- Analytical procedures to identify clerical errors if any.
Frequently Asked Questions
1. Is onboarding a Internal auditor firm mandatory for a company in Chennai?
Onboarding an internal auditor firm is not mandatory for all companies in Chennai but is highly recommended for ensuring compliance, risk management, and operational efficiency. However, specific industries or regulatory frameworks may require internal audits as part of compliance mandates.
2. How much does PKC’s internal audit cost in Chennai?
We have a standard man-day pricing for our services. Depending on the size of the business & scope of work, we estimate the number of days and number of team members required on-site to successfully complete the audit, based on which we share a quotation. 90% of our clients gained 10 times ROI on the investment (professional fee) made for the audit services.
3. Can I opt for PKC Management Consulting as my Internal Audit Firm without shifting my Statutory Auditor?
Yes. You need not change your statutory auditor. We work independently to provide our internal audit services.
4. How long does it take to complete the Audit by the PKC?
Time for complete auditing depends upon the size of the company and also on the quality of its booking keeping & financial procedures. On average, Audit involves 2-3 days on-site and 1-2 days offsite.
5. What should be the frequency of these audits for my business?
We recommend you to take a monthly audit initially for half a year or year. As the audit progresses, we streamline your accounts and financial operations, post which you can consider increasing the frequency to quarterly.
