Internal Audit Services in Ujjain

Internal audit refers to an independent service to evaluate an organisation’s internal controls, its corporate practices, processes, and methods. An internal audit helps in securing compliance with the various laws applicable to an organisation. An organisation can prepare its accounts and records as per the applicable legal requirements and reporting.

The purpose of an internal audit is to check the effectiveness and operational standards framed by an organisation. An organisation may have a set of rules for operations, such as placing orders, accepting deliveries, and making payments. An internal audit also helps in knowing whether the employees follow the internal operational standards.

1. Internal audits introduce an appropriate system of accounting.

2. Internal audit ensures that there is better management of the business in the organisation.

3. The progress of the business can be reviewed with the help of an internal audit. The figures from the previous years are compared to those of the present year.

4. An internal audit is essential in order to retain effective control over business activities.

5. The protection of assets is possible through an internal audit.

6. An internal audit can be conducted to apply the division of labour.

1. List of all the bank accounts utilized

2. List and evidence of all the transactions

3. Reports on the payroll

4. The General Ledger

5. Trial Balance of the Company

6. Confirmations

7. Schedules

8. Copies of all legal documents

9. Loan documents

1. Internal audit is an independent management function, in order to provide an unbiased and impartial report.

2. It studies the existing internal controls and standard operating procedures with the objective of determining whether they are properly carried out.

3. It helps in improving internal control structures and promote better corporate governance.

4. It identifies threat and opportunities and designs controls to manage the risks and taking advantage of opportunities.