Internal Audit
Are you seeking to enhance internal controls within your business? Do you want to establish better guidelines and rules to protect your stakeholders’ interests? Look no further! Our comprehensive services cover all these aspects and more. Discover how we can assist you.
What is Internal Audit?
Internal Audit is a crucial risk management function performed independently to support an organization’s management. Unlike external auditing, the primary objective of internal audit is to identify and address gaps, shortcomings, and loopholes in a company’s policies and procedures. This process is vital for evaluating various control structures, including corporate governance, accounting processes, and more.
At WBN Consulting, our expert team possesses keen insight and technical expertise to help your organization adopt sound and standard practices related to Finance, Risk, and Statutory compliance. While all listed companies must conduct internal audits, non-listed companies with turnovers exceeding 200 crores or paid-up capital exceeding 50 crores, as well as those with significant financial obligations, are also required to undergo internal auditing.
Importance of Internal Audit for Organizations
- Assess internal controls within the business.
- Ensure strict adherence to all laws, rules, and regulations.
- Establish better guidelines and rules.
- Safeguard the interests of stakeholders.
- Ensure honesty and responsibility.
How can WBN help you with Accounting & Bookkeeping Services?
Requirement Gathering
We thoroughly discuss the audit’s guidelines with the client, including corporate policies, industry standards, laws, regulations, and processes, to outline the goals.
Planning
We assess the audit scope, review previous audit reports, strategize, and establish the audit plan, including budget and timelines.
Fieldwork
This critical stage involves interviewing key personnel, understanding controls and processes, and testing and documenting sample controls.
Executing Plan
Our experts conduct hands-on work to assess the internal controls and procedures in line with established criteria and guidelines.
Reporting
We draft a clear and unambiguous written report to ensure easy comprehension by relevant authorities. The report includes actionable recommendations and suggestions.
Advisory & Assistance
Our report comes with valuable insights. Our experts interpret findings and advise management on developing workable internal controls, establishing an effective and secure internal control environment, managing operational risks, and building reliability in business operations.
We also assist in linking operational strategies with risk management and implementing focused change management and business awareness. Our goal is to assess the essential dynamics, structures, and procedures necessary to support successful corporate governance.
Why Internal Auditing Is Essential
- Reduces the risk of fraud.
- Ensures effective internal control.
- Results in efficient operations.
- Mitigates data breach and cybersecurity risks.
- Enhances financial integrity and reliability.
- Helps avoid non-compliance penalties.
What WBN Consulting Offers
- Mentioning the Tax Deduction / Collection Number on all TDS / TCS Documents.
- Collecting tax amounts as per the applicable rate.
- Submitting TDS returns within specified due dates.
- Issuing TDS certificates to deductees for the deducted / collected tax amount.
- Late filing fee and penalty for failure to file TDS returns.
- Minimum penalty of Rs. 10,000, up to a maximum of Rs. 1,00,000.
- 1% interest per month or part of a month for delay in deduction.
- 1.5% interest per month or part of a month for delay in remittance after deduction.