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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.
Understanding the client’s needs and growth plans.
Provide a customized quotation suitable for the specific needs of the client.
Acceptance of the proposal by the client and payment of the advance.
Onboarding the client and assigning a dedicated Fhero (Finance Hero) for the client.
Prepare a Bookkeeping plan and calendar for the client and get concurrence.
Perform a finance health check and provide expert advice to client.
Start regular bookkeeping work as per the calendar.
Reporting to the client as per the set frequency (Weekly / Monthly).
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.
* No Hidden Charges.
* No Hidden Charges.
* No Hidden Charges.
Enquire nowThere 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.
To maintain financial records accurately and ensure 100% compliance with statutory laws.
Bookkeepers collect the information from you and maintain the record of transactions in accounting software which can be used for financial analysis and decision making.
Small businesses lack the bandwidth to employ professionals who can provide expert advice and also maintain error-free books. So, it is important for small business to hire bookkeepers.
