Purchasing
Approvals, rates, vendors, receipts.
All internal audit & controls services
Internal Audit & Controls
Internal Audit
FinAura's internal audit looks at how your business actually runs: purchasing, sales and billing, inventory, payroll, cash and banking, and compliance. Each review is planned around your biggest risks, tested on real transactions, and reported as a short list of findings ranked by what they cost or risk, with agreed fixes that we follow up until they are closed.
- Chartered Accountant-led
- Bangalore and across India
- Reply within one business day
What is covered
What Internal Audit Covers
The processes where money is made, spent or lost.
Sales and billing
Every sale billed and collected.
Inventory
Movements, valuation, counts.
Payroll
Headcount, pay and deductions.
Cash and banking
Payments, signatories, reconciliations.
Compliance
Tax and statutory filings.
How the month runs
How It Works
Plan, test, report, follow up.
Step 1
Plan
- Risks ranked
- Scope agreed
- Calendar set
Step 2
Test
- Walkthroughs
- Samples tested
- Evidence kept
Step 3
Report
- Findings ranked
- Management responses
- Owners and dates
Step 4
Follow up
- Fixes checked
- Closed or escalated
- Next cycle
Your part
What We Need From You
- 01Access to books and systems
- 02Process owners' time
- 03Policies and approval limits
- 04Previous audit reports
Our part
What You Get
- A risk-based audit plan
- Findings with evidence and impact
- Agreed fixes with owners
- Follow-up until closed
A common question
How is internal audit different from the statutory audit?
The statutory audit gives an opinion on whether the financial statements are true and fair, once a year. Internal audit looks at how processes run during the year, to find leakage, errors and control gaps while they can still be fixed.
Classes of companies set out in the rules must have an internal auditor; many others choose to, because the findings pay for the work.
See internal controls designFixesFollowed to closure
TestingReal transactions
RisksRanked by impact
Who it is for
Who It Is For
Companies required under s.138
Classes the rules set out.
Growing SMEs
Controls lagging growth.
Owners away from operations
Independent eyes.
Boards and investors
Assurance between audits.
The rules, in plain English
What the Law Says
Companies Act, 2013
Section 138
Classes of companies set out in the rules appoint an internal auditor, who may be a chartered accountant or another professional the board decides, to conduct an internal audit of the company's functions and activities.
Official source: mca.gov.inCompanies Act, 2013
Sections 134(5) and 143(3)
Directors report on internal financial controls, and the statutory auditor reports on whether the company has adequate controls that operate effectively, with exemptions for some smaller companies.
Official source: mca.gov.inThis is general information, not advice for your situation; we confirm what applies to you before any work starts.
Questions we get asked
Internal Audit: Questions, Answered
Which companies must have an internal audit?
The classes of companies set out in the Companies (Accounts) Rules, based on factors such as listing, turnover, borrowings and deposits. Others can appoint one voluntarily.
How often is internal audit done?
Usually quarterly or half-yearly, with the riskiest areas reviewed more often.
Can our statutory auditor be our internal auditor?
No. The statutory auditor cannot also act as the company's internal auditor.
Who receives the internal audit report?
Management and, where there is one, the board or audit committee.
Often Taken Together
All 12 Internal Audit & Controls services01Internal Audit & ControlsRisk Assessment and Control MatrixYour key risks listed, the control for each one defined, and gaps prioritised for fixing.02Internal Audit & ControlsInternal Controls TestingControls tested on real transactions, with evidence, so management and auditors know they operate.03Internal Audit & ControlsVendor and Procurement AuditPurchases tested for approvals, rates, duplicates and related parties, with leakages reported with evidence.04Systems & ControlsPolicies & DocumentationFinance and HR policies, employee handbooks, SOPs and business documentation.05Accounting & FinanceFinance OperationsReconciliations, payables, receivables and a predictable month-end close.