Internal Audit is defined as:

• the audit of daily operations and activities of an entity
• reporting any deviations or developments for business purpose
• discussion with the team and management
• implementing the same based on the discussion points
• ensuring their working successfully

Transactional audit

• Internal Audit will not be an overall audit or sample based audit like the statutory audit
• It will mostly be a transaction-wise audit in detail

Periodicity

• Mostly monthly during the first week of the month, auditing the transactions of preceding month
• The purpose is to find out the challenges then and there and rectify them

Reporting Deviations in

• Transactions and entries in the accounting software
• Approvals
• Computations
• Compliance
• Filing and documentation

Reporting corrective measures

• To the team
• To the management
• Training the team on the same

Follow-up

• Starting next month audit with implementation of corrections of previous month audit report
• Reporting the same and proceeding current month audit

Direct reports to management for decisions and discussions

To sync up with the statutory audit so that we save time at the end of the year