Internal Audit

✓ Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.
✓ It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management,
control and governance processes
✓ Internal auditing is a catalyst for improving an organization's governance, risk management, and management controls by providing insight and recommendations based on analyses and assessments of data and business processes
✓ The objectives of an internal audit are to Complete the Compliance applicable to the organization, establish the areas of risk in the area being audited, establish the controls in place to address those risks and review their adequacy, check whether the University’s financial regulations are being followed, carry out detailed testing of the controls being relied on; and make recommendations where weaknesses or inefficiencies are observed.
✓ The following class of companies shall appoint an internal auditor or a firm of internal auditors, as per section 138 of Companies Act, 2013 namely:-
(a) Every listed company
(b) Every unlisted public company having–
(i) Paid-up share capital of fifty crore rupees or more during the preceding financial year; or
(ii) Turnover (income) of two hundred crore rupees or more during the preceding financial year; or
(iii) Outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year; or
(iv) Outstanding deposits of twenty-five crore rupees or more at any point of time during the preceding financial year; and
(c) Every private company having–
(i) Turnover of two hundred crore rupees or more during the preceding financial year; or
(ii) Outstanding loans or borrowings from banks or public financial institutions exceeding one hundred crore rupees or more at any point of time during the preceding financial year:
✓ We Require the following Documents for Internal Audit:
• Appointment letter of our firm
• Organization Structure
• All Accounting ledger
• All Legal Documents
• Other documents as may be required at the time of Audit.

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