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How can internal audit firms in India show the importance and promising development of their activities? To do this, it is necessary to convey the department’s interest in working for the good of the company.
Shifting the focus from auditing to control and analytical, and ideally to consulting best internal audit firms in India, will help here. As per a study, consulting was ranked second in importance to development.
At the same time, the tasks of monitoring the internal control system and checking the elimination of deficiencies are also important. It is desirable to find an optimal balance between the functions of control and assistance.
One of the priority types of audit activities can be the study and analysis of strategic risks. In the future, on their basis, the auditors submit to the management substantiated proposals on the company’s development strategy.
The ability to conduct such an analysis, and then convey the importance of your point of view to top managers speaks about the level of maturity of the internal audit service.
The development perspective will be the introduction of new types of internal audit in the company, for example:
- The culture of the organization;
- Corporate governance;
- Strategic planning;
- And risk management.
The direction for development that is relevant today and shortly is the automation of the internal audit process. The volume of data processed by auditors is increasing every year. The use of modern software for their analysis greatly simplifies the work and frees auditors from routine processes.
Impact of force majeure and crises on internal audit
What should the internal auditor do in the event of a sudden external crisis, when it is not up to scheduled inspections? Pause the work prescribed by the annual audit plan. Instead, design and conduct stress tests, analyze how ready the company is for change, and participate in the development of anti-crisis measures.
If it is planned to transfer employees to remote work, auditors should conduct an unscheduled audit of the organization’s IT infrastructure. It is necessary to find out whether it will withstand a sharp increase in load. After the audit, the auditor reports to the management about the company’s readiness to transfer employees to remote work.
In case of unavailability, they offer options for promptly correcting the situation. During the crisis, the solution to several financial problems comes to the fore.
It makes sense to organize an internal financial audit to check the company’s liquidity reserve. Based on the results of the audit, the auditors conclude about the time after which the cash gap will occur when paying salaries, rent, and other current payments. The audit service makes proposals on how to maintain liquidity until the crisis is over and return to normal operation.
Opportunities for the Development of the Internal Audit Service
Modern auditors, in addition to direct professional skills, must know in the field of audited processes, be able to listen and understand the interlocutors, quickly reorient themselves in crises, reasonably and clearly explain their point of view.
The best internal audit firms in India possess all those skills required for conducting an internal audit. It will be ideal for you to contact them to grow your company without incurring unnecessary costs.