Chapter V · Area of practice
Internal audit
Internal audit for boards and audit committees: a risk-based plan, audits of the processes that carry the most risk, and a running check that statutory filings are made on time.
2 min read
What the work covers
- Risk assessment and a written internal audit plan
- Process audits: purchase to pay, order to cash, payroll, inventory
- Compliance calendar monitoring across statutes
- Reports to the audit committee with agreed actions and owners
The law it sits in
| Law | Provision | What it provides |
|---|---|---|
| Companies Act, 2013 | s. 138 | Internal auditor for prescribed classes of companies |
| Companies (Accounts) Rules, 2014 | r. 13 | Classes of companies that must appoint an internal auditor |
| Standards on Internal Audit | ICAI | Professional standards for planning, conducting and reporting internal audits |
Internal audit is not a second statutory audit
Internal audit looks forward: it tests whether processes work and whether risks are controlled, and reports to the board or audit committee. It is not reserved to chartered accountants and does not end in an opinion on the financial statements.
The firm’s addresses and the request form are on the offices and contact pages.
Related notes
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