News Info.

14 Jan 2022

Internal Audit

When you open a new business, it is normal to get tied up in the day-to-day activities of managing the Company. That's where the need of an Internal Audit comes in to picture.

An internal audit is a structured, objective examination of the effectiveness of risk management and control systems within a specific area of business activity performed by the company on its own. The ultimate aim is to provide an independent evaluation of the adequacy and effectiveness of the risk management process rather than an opinion on the financial statements or on compliance with laws and regulations.

The internal audit function checks whether the appropriate controls are in place, thereby minimizing risks of material misstatement of financial statements or loss of assets by detecting and preventing fraud or error, or both, caused by malfeasance or error.

 The goal of internal auditing is to ensure the adherence of the management and staff to the organization's policies, procedures, and practices, which in turn assures the safety of the assets, and also ensures the smooth functioning of the business transactions and operations.

The benefits of conducting an internal audit are:

      1. Complete review of your business plan.

      2. A Financial audit helps to test the financial protocols and controls.

      3. Adherence to the compliance of an organization can be evaluated.

      4. A feedback of a company’s products or services can be obtained.

The three basic choices to conduct an internal audit are as follows:

     1. hire a professional to do it for you. 

     2. learn how to do it yourself.

     3. Or use the required software. 

 But, all the above mentioned have their own pro’s and con’s.

We at Bms Auditing provide you with customized & specialized services to support your needs with certified and experienced professionals who execute a comprehensive proven methodology for Audit without compromising on the quality.