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Internal audit is an independent assessment of an organisation’s governance model, internal controls, risk mitigation plan, financial statement to ensure it presents a true and fair view to the stakeholders. Internal Audit involves verification of financial statements, identifying internal control lapses/weakness, areas of risk, identification and prevention of fraud effectively safeguarding the business assets.
Internal Audit is mandated by the Companies Act 2013 based on certain criteria. Otherwise, businesses voluntarily go for internal audit for the benefits internal audit offers. Internal audit is mandatory to manage the business functions of an organisation so that the management team can focus on growth and expansion.
Financial Audit is a powerful tool that can reveal both the strengths and weaknesses of any business. Through our AI Powered Audit techniques, we aim to empower your business finance and drive growth.
At PKC, we believe in focusing on analysis and insights rather than spending time on manual data collation. By leveraging automated tools, we can provide you with a comprehensive audit that builds strong hypotheses for the improvement of accounting, compliance, and overall business performance.
Enhanced Risk Management : Internal audits help identify and mitigate risks, preventing financial losses and damage. They ensure risks are managed effectively and proactively.
Improved Operational Efficiency : Internal audits highlight inefficiencies and suggest improvements, leading to cost reduction and productivity gains. This streamlines processes for better resource utilization.
Regulatory Compliance & Savings on Penalty : Regular internal audits ensure adherence to laws and regulations. Internal audit helps in finding out regulatory non-compliances in advance and advise on how to stay compliant such that no fines/penalty/late fees or interest in paid.
Fraud Prevention and Detection : Internal audits detect and prevent fraud by reviewing financial transactions and controls. This safeguards the integrity of financial reporting.
Strategic Decision-Making Support : Internal audits offer insights into a company’s strengths and weaknesses, aiding informed decision-making. They support long-term strategic planning and growth.
