As per ICAI internal audit is defined as an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity's strategic risk management and internal control system.
Our team at SRA specializes in conducting internal audits in compliance with ICAI and SAI standards. The efficacy of an audit lies in its planning and compliance with the ICAI standards.There are five phases of an internal audit which begins with the selection and ends with a follow-up audit.
The key areas for an audit are selected after detailed discussions with the clients. We put special focus on the areas where the client needs to assess risk and also on the value-adding areas. Based on our expertise we help the client identify other important areas that can be considered for an audit and would benefit the client.
Once the areas are selected execution of an audit is strategically planned. The highly skilled and efficient SRA team of professionals looks into the scope, objective and time frame of the audit.
Once the planning is done, the Internal Audit team does the fieldwork. The client is regularly updated about the observations, findings, and recommendations in subsequent meetings.
A detailed report is prepared based on the findings and data presented. Our report will help you identify areas of improvement and our experts can suggest effective remedial plans for the targeted areas.
Internal Audit findings can be a part of a subsequent audit.
We can help you make your organization more 'process dependent' and identify gaps in the system. We can simultaneously suggest measures or design a process to fill those gaps. We have a very skilled team at SRA comprising of a risk manager, a control expert, an efficiency expert, a problem- solving partner and legal help. We can help your organization gain more accountability.
When you join hands with us you can be assured of a fruitful partnership. We can help you in assessing risk, identifying areas of concern, filing correct returns, availing benefits and other related services.
Based on our expertise and experience we can assure you that the end result of any association with us will not only be monetarily beneficial to the client but will also bring along immense value addition to your organization.