Internal Audit
Assurance over information in Financial Statements help to navigate complexity & brings transparent information to investors & stakeholders.
Compliances
Controls
Lex Koterie LLP provides audit and assurance services to over various clients across India. We approach every audit with a high standard of professionalism and integrity, while working with our clients to improve their internal controls and governance and running the activity on a fully outsourced basis or working with an existing internal audit function to supplement their team when they lack adequate staff or skills.
Organizations are increasingly leveraging internal audit as a strategic resource, recognizing that internal auditors’ broad and deep perspective of operations, risks and potential opportunities can help inform business decision-making. Our Internal Audit and Financial Advisory consultants work with audit executives, management and audit committees at companies of virtually any size, public or private, to assist them with their internal audit activities.
Internal audit is an independent, objective assurance & consulting service, which is design to add value to the business and improve the entity’s operation. It provides a systematic and disciplined approach to evaluating and assessing risk management, internal control, and corporate governance.
Internal audit activities are generally focused on three principles areas which arises from the risk management assessments of the entity including, but not limited to,
- Internal Control over Financial Reporting,
- Time Value of Money, and
- Compliance Review.
The purpose of the Internal Audit assures that business assets are secured, business processes reflect documented policies & procedures, and keeps the organization complaint with common framework & regulations:
- Provides objective insights.
- Improves efficiency in operations.
- Evaluate risk & safeguard assets from various threats.
- Assesses controls.
- Ensures compliance with laws & regulations.
To meet this objective, internal audit activities must be designed in a systematic and disciplined way.
Who can be appointed as Internal Auditors?
Internal Auditors are professionals appointed by the concerned organization for internal auditing of the company. According to the Section 138 of the companies Act, the internal auditor can be Chartered Accountant or a Cost Accountant, Company Secretary or such other professional as decided by the Board of Directors of the company for the purpose of internal auditing.
Internal auditors are not responsible for the execution of company activities. However, they provide the management and Board of directors, insight into operative effectiveness with which the activities are being carried out within the regulatory framework.
- Evaluate risk management, corporate governance system, which is functioning as intended to meet the organization goals.
- Issue report of risk management and control deficiencies identified by the auditor. Also, the internal auditor provides recommendations in pursuit of improving the performance towards the organization.
- Evaluate risk exposures and security threat of the organization information.
- Evaluate programs relevant to regulatory compliance.
- Evaluate the readiness of the organization in case of any interruption towards the business of the organization.
- Provide workshops and seminars towards education and staff development.
- Plays a major role in maintaining the organization’s anti-fraud programs.
- Internal Audit Advisory.
- Anti-corruption & Internal Audit Risk Assessment.
- Audit Committee Advisory.
- Financial Investigation & Reporting.
- Internal Audit Quality Assurance Services.
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