What is internal audit?
Internal audit is not just an assurance of performance of Organization but it is look after day to day working of Organization and Risk assessment of organization and help to organization to cop with, to meet, to tackle this risk and help to capitalize the Opportunity. During Internal audit internal systems, internal control, internal rules & regulations are checked to verify efficiency in system and measures to prevent inefficiency are suggested.
Need of Internal audit
Internal Audit is more than an enterprise-wide engine of assurance, as critical as that is. Here is some important need of internal audit.
- A strong, strategic Internal Audit framework integrates compliance, controls and sophisticated risk management with your mission, vision, and stakeholder expectations. As such, it can help you shape new governance and risk paradigm—anticipating issues, increasing your effectiveness, eliminating duplication, and identifying areas of potential performance improvement.
- Risk management is a big concern for both audit committees and senior management in corporate internally. Companies today need experienced internal auditors to address concerns in risk management, enhance internal controls, execute business plans and meet governance responsibilities.
- Globalization, technology, legality have many upsides. Unfortunately, they also have downsides. For instance, Back to Back changes in Laws, competition not only Domestic but external due to recent change in law of Foreign direct investments into many sectors , suddenly reverberate around the world—and across your enterprise. And internal audit helps to meet all these needs and optimize the organization performance.
Key Benefits of getting done internal audit.
- We have a range of internal audit performance improvement services, including technology, risk assessments, training, process and organizational reengineering, benchmarking and quality assurance reviews.
- We offer an array of flexible outsourcing and co-sourcing solutions, from selected co-sourcing of technical, geographic or industry-specific capabilities to full outsourcing of your internal audit function.
- Helping you identify and manage enterprise risks, both seen and unseen, with confidence.
- Internal Audit Services can help with a comprehensive, disciplined approach that yields practical solutions, not hefty reports. Our specialists and services are focused on creating value—bringing you the insight and foresight across your business as a whole, to tackle the future head on.
What is HR audit
Human resources or HR is an integral part of any company. A good HR department will keep the company running smoothly, successfully hiring appropriately qualified staff and letting others go legally, help deal with employee grievances, meet legal employment requirements, use best practice employment guidelines and much more. An HR audit is a way to trace out problems in a company’s HR department.
Need of an HR audit?
An HR audit is a way to trace out problems in a company’s HR department. An HR audit can be done by hiring a professional audit company, to undertake an audit.
- An HR audit report pinpoints where there are weaknesses or risks in the HR department and suggest removing these.
- A Human Resources Audit is a review of current Human Resources practices, policies, procedures, documentation and systems and will assist you to identify strengths and needs for improvement.
- It will provide direction and recommend the courses of action to be taken to ensure compliance with ever-changing laws, rules and regulations.
- A thorough HR audit can also include an employee survey, so that management can understand how employees feel about their HR department.
- All most all organizations have serious lapses on account of compliance of law relating to human resources, women employment, wages , overtime payments, social security etc., corporate generally takes that just by complying with PF, ESI, professional taxes is enough, there are various compliances which if not complied with may lend the management /company into serious trouble.
- There is such type of provision in law for non compliance that non baleable warrant can be issued against Owner/occupier. In such situations an internal auditor guides Organization to compliance of these provisions for various laws, rules and regulations.