An essential feature of corporate governance, internal audit is the strategic evaluation of a company’s procedures and assets. It helps in understanding the operations of the firm in detail plus recognizing the potential risks and frauds. There have been numerous cases where a brand’s reputation has been damaged by fraud. Thus, the duty of conducting timely internal audits lies on the top management of the organization.
Specifically referring to Internal audit, a competent chartered accountant is selected by the board of members to fairly and objectively conduct the process. That is where we enter! BKP, your trusted financial partner ensures on-time and precise evaluation of your financial picture. We help you understand the intricacies of your company better and make informed decisions for the better financial health of your firm.
Who should get an Internal Audit?
According to the Companies Act of 2013, internal audit is mandatory for the following specified companies:
- Every listed company.
- Every unlisted public company satisfying any of the following conditions:
- Paid up share capital of INR 50 Crore or more during the preceding Financial Year.
- Turnover of INR 200 Crore or more during the preceding Financial Year.
- Outstanding loans/ borrowings from banks/ public financial institutions exceeding INR 100 Crores or more at any point of time during the preceding Financial Year.
- Outstanding deposits of INR 25 Crores or more at any point in time during the preceding Financial Year.
- Every private company satisfies any of the following conditions:
- Turnover of INR 200 Crore or more during the preceding Financial Year.
- Outstanding loans/ borrowings from banks/ public financial institutions exceeding INR 100 Crores or more at any point of time during the preceding Financial Year.
Internal auditing with BKP
Our audit methodology goes beyond mere number-crunching and compliance checks. We’re not here to simply express figures. We’re here to ignite positive change. Our recommendations are more than just ideas; they are grounded in reality because we aim for tangible implementation.
Our experts are well-trained and extremely knowledgeable to understand every bit and piece of information. They smartly assess, carefully analyse and accurately report their finding to you. Moreover, they advise you wherever required about better techniques to make you financially healthy. At BKP, we believe in helping you succeed, we succeed. Thus, we thrive by doing what’s best for you and doing right by you. These core values are deeply integrated in our company’s policies, methodology and decisions.
As your internal auditor, we offer a comprehensive range of services, which include:
- Risk Assessment and Tailored Audit Plans: We begin by understanding your unique risks and tailor our audit plan accordingly. Our approach is rooted in risk assessment, ensuring that we focus on what matters most to your organization.
- Evaluating Internal Controls: We delve into the heart of your organization’s internal controls to assess their adequacy. Our aim is to identify strengths and weaknesses, providing a solid foundation for improvement.
- Practical Control Enhancements: We don’t stop at pointing out flaws; we roll up our sleeves and recommend practical enhancements to strengthen your internal controls. Our goal here is to make your organization more resilient and secure.
- Compliance and Best Practices: We go beyond assessing compliance with policies and procedures. We also ensure that your organization adheres to sound business practices, helping you operate more efficiently and ethically.
- Legal and Contractual Compliance: It’s not just about ticking boxes; we make sure your organization complies with all legal and contractual obligations. We safeguard you from potential legal risks and liabilities.
Our methodology is a proactive and dynamic journey, aimed at not only keeping you in compliance but also helping you thrive and grow. We’re not just auditors; we’re your trusted partners in progress, committed to making a real difference in your business.