Growing businesses leak: unbilled work, purchase padding, inventory shrinkage, approvals that exist only on paper. Statutory audit will not catch most of it; internal audit is built to.
Krishna TaxNova runs risk based internal audits that go after the money: where your processes leak, where controls are bypassed and where fraud would hide, with findings ranked by rupee impact and fixes assigned to owners.
What is Internal Audit?
Internal audit under section 138 is mandatory for listed companies and larger unlisted ones crossing turnover, capital or borrowing thresholds, and voluntary for everyone else. Engagements cover process reviews (procure to pay, order to cash, inventory, payroll), control testing, compliance verification and special reviews like fraud investigation, delivered through periodic audit cycles with action tracking.
Who Should Apply for Internal Audit?
- Companies covered by section 138 thresholds
- Owner managed businesses scaling beyond direct oversight
- Companies with suspected leakage or fraud
- Funded startups installing governance for investors
Benefits of Internal Audit
Leakage Recovery
Audits routinely find recoverable amounts that exceed their cost.
Fraud Deterrence
Independent periodic review changes behaviour by itself.
Process Strength
Controls redesigned so growth does not multiply errors.
Compliance Assurance
Statutory obligations verified before regulators test them.
Board Confidence
Audit committee grade reporting for boards and investors.
Documents Required for Internal Audit
Keep these documents ready. You can upload them using the form on this page or send them to us on WhatsApp.
- Process descriptions or SOPs, if any
- Access to accounting system and records
- Purchase, sales and inventory data for the period
- Payroll and expense records
- Previous audit reports
- Organisation chart with authority matrix
Step by Step Process for Internal Audit
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Step 1: Risk Assessment
Business understanding drives an audit plan weighted to risk.
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Step 2: Fieldwork
Transactions and controls are tested with data analytics where volumes justify.
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Step 3: Findings Validation
Draft observations are confirmed with process owners for accuracy.
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Step 4: Reporting
Findings ranked by impact with practical, owner assigned recommendations.
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Step 5: Follow Up
Action taken is verified in the next cycle so reports change reality.
Internal Audit at a Glance
Estimated Timeline
Quarterly or half yearly cycles typically
Governing Authority
Section 138, Companies Act where applicable
Validity
Ongoing engagement by cycles
Government Fees
Per cycle fee by scope and locations
Why Choose Krishna TaxNova for Internal Audit?
We audit with data analytics, full population testing where it counts, and we write findings in rupees. Reports that quantify get acted on; reports that describe get filed.
CA Led Team in Delhi
Your work is handled by a qualified Chartered Accountant team, not a call center. You get correct advice the first time.
Upload Documents Online
Share everything from your phone or laptop. Use the secure upload form on this page or simply WhatsApp us your documents.
Transparent Pricing
You approve a clear quote before we start. No hidden charges at any stage.
End to End Support
From document collection to final approval and post registration compliance, one team stays with you throughout.
Internal Audit: Frequently Asked Questions
Is internal audit mandatory for my company?
Listed companies always; unlisted public and private companies on crossing prescribed turnover, paid up capital, borrowing or deposit thresholds. We confirm applicability, and advise on voluntary scope where it is not mandatory.
How is internal audit different from statutory audit?
Statutory audit opines on annual financial statements for shareholders; internal audit continuously examines processes, controls and risks for management. One certifies, the other improves.
Can you investigate a suspected fraud?
Yes, special reviews with transaction tracing, data forensics and interview support are part of our practice, handled with the discretion these matters need.
Will this disrupt my team's work?
Fieldwork is scheduled around business rhythms and most data testing happens off floor. The disruption is modest; the discipline it creates is the point.
How long does Internal Audit take?
In most cases the work is completed in Quarterly or half yearly cycles typically. The exact time depends on how quickly documents are shared and on processing time at the department. We keep you updated at every stage.
What documents are needed for Internal Audit?
The key documents include process descriptions or sops, if any, access to accounting system and records, purchase, sales and inventory data for the period, payroll and expense records. Our team shares a simple checklist after the first call so nothing is missed.
Can I complete Internal Audit fully online?
Yes. The entire process is online. Fill the form on this page, upload your documents or WhatsApp them to us, and our experts handle the filings. You do not need to visit any office.
Which authority handles Internal Audit?
Internal Audit falls under Section 138, Companies Act where applicable. Krishna TaxNova prepares and files your application in the required format and responds to any queries raised by the department.
What is the validity of Internal Audit?
The validity is ongoing engagement by cycles. We send renewal and compliance reminders in advance so you never miss a due date.
Do you provide Internal Audit outside Delhi?
Yes. We are based in Delhi and serve clients across India. Since the process is fully online, your location does not matter. Documents can be shared through the website or WhatsApp.
Get Internal Audit Done by Experts
Fill in your details, upload your documents online or send them on WhatsApp. A qualified CA will review your case and call you back with the exact steps and a fixed quote.