Internal Audit.

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.

1. 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.
2. 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.
3. 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.

1. We have a range of internal audit performance improvement services, including technology, risk assessments, training, process and organizational reengineering, benchmarking and quality assurance reviews.
2. 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.
3. Helping you identify and manage enterprise risks, both seen and unseen, with confidence.
4. 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.

HR audit

 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.

1. An HR audit report pinpoints where there are weaknesses or risks in the HR department and suggest removing these.

2. 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.

3. It will provide direction and recommend the courses of action to be taken to ensure compliance with ever-changing laws, rules and regulations.

4. A thorough HR audit can also include an employee survey, so that management can understand how employees feel about their HR department.

5. 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.

6. 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.

Key Benefits of HR audit from KIP FINANCIAL CONSLUTANCY PVT. LTD.

1. Its help to reduce employee/ Man power turnover. By increasing Moral of Employees and confidence in organization.

2. Help to HR department to run business smoothly and in many cases remain competitive in long term .Determine the effectiveness of HR plans, programs, policies, systems and practices.

3. HR audit suggest HR department to reduce the chances of Lockout, strike, By giving valuable suggestion on how to make good relationship between upper management level and Employees/ lower management level.

4. Suggest the HR Department on way and procedures of evaluation on employee performances.

5. Benchmark actual against desired performance and develop an action plan for addressing shortfalls.

6. Suggest the HR department the way of motivation.

Compliance audit

What is compliance?

Compliance in a regulatory context is a prevalent business concern, perhaps because of an ever-increasing number of regulations and a fairly widespread lack of understanding about what is required for a company to be in compliance with new legislation

What is a compliance audit?

A compliance audit is a comprehensive review of an organization’s adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit.

Compliance is about more than prevention. It’s also about navigating opportunities. Regulatory compliance is not just about defense the organization. It also offers an opportunity to consistently strengthen your organization through strategic, proactive measures—such as best practices, employee training, internal controls, and benchmarking appropriate for your industry and size.

Key Benefit for compliance audit Services from us.

1. Our independent assurance specialists are ideally available to help. Whatever your nature and whatever your size we offer both local, in-depth, on-the-ground knowledge, and global, state-of-the-art regulatory compliance tools.
2. We can help you assess your risk profile and if you are thinking to enter a new market or industry, we can advise you on the very latest regulations that would affect your investment, allowing you to make the right strategic decision.

With the regulatory environment continually changing, compliance remains a moving target. Rajneesh B. Jain & Co. is here to help you stay on track, with a focus on adding value through assuring compliance.

TAX AUDIT

What is tax Tax Audit and how is required to get audited there A/c

Section 44AB of the Income Tax Act, 1961 specifies the provisions relating to tax audit.  Tax Audit is compulsory for the following:-

1. A person carrying on business, if the total sales, turnover or gross receipt in business for the accounting year or years relevant to the assessment year exceed or exceeds Rs. 60 lakh. (Increased to Rs.1 Crore in F.Y 2012-13)
2. A person carrying on profession, if his gross receipts in profession for an accounting year or years relevant to any of the assessment year exceeds Rs. 15 lakh. (Increased to Rs.25 Lacs in F.Y 2012-13)
3. A person whose income is assessed on a presumptive basis under section 44AE, 44BB or 44BBB. Where such an assesses declares an income lesser than presumed under the sections 44AE, 44BB or 44BBB, they are required to get their accounts audited in accordance with section 44AB. (44AE – business of plying, hiring or leasing goods carriages, 44BB – business of exploration etc. of mineral oils, 44BBB – foreign companies engaged in the business of civil construction, etc in certain turnkey power projects.)
4. A person whose income is assessed on a presumptive basis under section 44AD (w.e.f. 01.04.10). Where such an assesses declares an income lesser than presumed under the sections 44AD, they are required to get their accounts audited in accordance with section 44AB. Unlike the persons specified in the 3rd point, the persons specified here are only required to their accounts or books audited if their income exceeds the basic exemption limit.  

Benefit of Tax audit:-

1. Income tax audit ensure the adherence with the Income tax act Provisions.
2. Income tax audit Helps to defend the organization to heavy penalty.