Why to Choose PKC for Internal Audit Services in Chennai?



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What is Internal Audit? Why it is Mandatory?


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.

Types of Internal Audit

Financial audits

Examine internal controls and systems surrounding financial reporting processes and preparation of financial statements.

Process audits

Focus on internal controls of key processes, procedures, or systems to improve productivity, efficiency, and effectiveness.

Compliance audits

Ensure that a process, system, or area complies with policies, plans, procedures, laws, regulations, contracts, or other requirements.

Why we are the Best Internal Auditors in Chennai

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.

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Internal Audit: How PKC Helps You?

Performance Partners

At PKC, we are not just audit partners for our clients, rather we act as performance partners by bringing in high level domain knowledge and recommendations with our expert team.

Audit Automation

PKC Proprietary audit tools automate certain aspects of audit & improve quality. This helps us in spending less time on data extraction, comparison etc and allows more time for audit and analysis.

Result oriented recommendations

Our audit recommendations are result oriented with greater emphasis on execution of these recommendations on ground via S-Compliance – tracked till completion.

Customized Reporting

Audit reports are customized to meet the requirements of each stakeholder in an organization helping them to make the right decisions.

Holistic Approach

PKC’s Audit approach is a combination of business, finance and statutory compliance rather than just finance and numbers.

Industry Knowledge

Our clientele is spread across different industries including retail, manufacturing, construction, healthcare, renewable energy, e-commerce, IT/ITES, real estate, BFSI, automobile, agriculture, among others.

By Partnering with PKC for your Internal audit needs, what You can expect

By partnering with PKC,

Advantages of Internal Audit

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.

Unveiling the Principles of Total Quality Management (TQM)

Internal Audit Services for Various Industries

We have experience working with a wide range of companies in many industries, we are aware that each one has unique requirements. We have supplied Internal Audit Services to the Following Industries

Real Estate

Healthcare

Retail

E-commerce

IT & ITES

Professional Services

Top Cities that we are Running Firm

Chennai

Bangalore

Bhopal

Vijayawada

Coimbatore

FAQ

1. What is the right time to start an audit?
There is no right time for an internal audit. Every business has to be audited, either by their own team or external auditor. However, having an external auditor is better as the company size grows.
2. What data is required to audit my business?
The financial transactions recorded in the ERP like tally, busy, SAP, Oracle etc is necessary to audit the business functions.
3. How much time and effort is required on my part to get compliant and complete an audit?
Audit is a continuous engagement. We can not define a timeline for compliance.
4. How is PKC priced compared to other services?
We charge our clients for audit engagements based on a standard price defined as per the number of person days spent.
5. Is it mandatory for a private company to appoint an internal auditor
It is not mandatory for a private company to appoint an internal auditor unless mandated by the Companies Act based on turnover and other criteria.

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