Why do most successful businesses perform internal audits for statutory compliance?
Yes, to an extent but internal audit serves beyond just helping you to comply with taxes and other regulations. Internal Audit process helps you to keep your system effective and compliant. Internal audit service providers in Delhi focus on developing a strategic process that drives your business towards continuous improvement by identifying issues which hinder the growth and smooth operation of your business enterprise.
As an internal audit is an opportunity for your business to take one step back and scrutinise their operations and functions, it is crucial that you make efforts to make your internal audit a success. Here are some tips that will help you do so:
- Start with a Good Design
Internal audit is similar to quality management of your products & services – a good design leads to high quality. When you are performing internal audits, it is essential that you plan and prepare the right grounds to ensure quality.
You need to focus on creating a good design or roadmap for the audit process to make it effective. A sound audit process helps you to comply with all the legal and regulatory requirements. A quality audit system shuts the open loop of issues with regular management feedback and corrective actions.
- Build a Schedule
Generally, the audit is considered to be an annual affair. But this is not true. According to experts at VGNC, your organisation should schedule audits for each product and process depending on risk and priority. If you analyse your business operations and products well, you can build the right schedule that matches your needs.
- Skilled Team is the Key
Choosing internal auditors is not easy. Apart from having professional expertise, extensive experience and practical knowledge about the industry, there are certain characteristics a good auditor must have. These characteristics include honesty, flexibility, decisiveness, observant, ethical and pragmatic. You can save up the training and recruitment cost of a team by hiring an internal audit firm in Delhi.
- Importance of Independence
You must conduct your internal audit process independently to make it more effective and successful. Independent audit enhances the value of your reporting because professionals involved in it have no direct responsibility and accountability for the processes and operations. As they have no benefits, pressures and answerabilities related to the issues identified, they can provide true and clear results.
- Consistent Reporting
The previous points help in making identification of trouble spots, opportunities and scopes for improvements. If all these results are not communicated properly in your audit report, the process will still fail to be successful. Audit reports are important for regulatory compliance. It also helps management teams in making decisions. The audit report should be clear, timely and consistent to be effective.
These are some of the tips that make the internal audit process successful. But firms offering internal audit services in Delhi NCR depend on one more factor for successful internal audit process – technology. Manual systems are difficult to manage and use. The audit processes such as scheduling and reporting can be incorporated into integrated systems to remove error and conflicts while adding value to the internal audit process.
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