Service Details

What Is Quarterly Internal Audit?

Quarterly Internal Audit is a periodic review of a business's financial records, accounting systems, internal controls and operational processes conducted every three months. It helps identify financial discrepancies, control weaknesses, compliance gaps and operational risks, supporting better financial management and informed business decisions.

Who Needs Quarterly Internal Audit?

• Private Limited and Public Limited Companies.
• Startups and growing businesses seeking stronger financial controls.
• Partnership firms and LLPs requiring periodic financial reviews.
• Businesses with multiple branches, departments or operational locations.
• Organisations seeking to identify accounting errors, financial irregularities and compliance risks.
• Businesses requiring internal audit support for management, investors or lenders.

Types of Internal Audit

• Financial Audit: Review of accounting records, income, expenses, assets and liabilities.
• Internal Control Audit: Evaluation of financial controls, approval processes and fraud prevention measures.
• Compliance Audit: Review of compliance with applicable laws, regulations and internal policies.
• Operational Audit: Assessment of business processes, resource utilisation and operational efficiency.
• GST and Tax Compliance Review: Review of GST returns, tax records and related reconciliations.
• Payroll and Expense Audit: Verification of salary records, employee expenses and reimbursements.
• Inventory and Asset Audit: Review of stock records, fixed assets and related documentation.
• Bank and Cash Audit: Reconciliation of bank statements, cash transactions and accounting records.

Eligibility and Applicability

• Businesses may voluntarily engage an internal auditor to strengthen financial management and internal controls.
• Certain companies may be required to appoint an internal auditor under Section 138 of the Companies Act, 2013, read with the applicable rules.
• Applicability depends on the company's category, turnover, borrowings and other prescribed criteria.
• The audit scope and reporting frequency are determined by applicable requirements and the engagement agreed with the business.

Important Note

• The audit scope, reporting format and timelines depend on the business's size, operations and requirements.
• Quarterly internal audit does not automatically replace statutory audit, tax audit or other mandatory audits.
• Statutory internal auditor appointment requirements must be assessed separately under applicable law.
• Findings and recommendations depend on the records, explanations and evidence made available.
• Any statutory audit, certification or professional opinion must be undertaken by an appropriately qualified professional, where required.

Benefits

• Helps identify accounting errors and financial discrepancies.
• Strengthens internal controls and financial discipline.
• Supports monitoring of compliance and business risks.
• Helps detect process inefficiencies and potential irregularities.
• Provides management with periodic financial and operational insights.
• Supports better decision-making through structured audit observations.

Package Includes:

• Quarterly Audit Planning and Scope Definition
• Review of Accounting Records and Financial Statements
• Bank Reconciliation and Transaction Verification
• Sales, Purchase and Expense Record Review
• GST and Tax Compliance Review, where included in scope
• Internal Control and Process Assessment
• Identification of Discrepancies and Risk Areas
• Quarterly Internal Audit Report with Observations
• Corrective Action Recommendations
• Management Discussion and Review Support

Additional Services

• Monthly Bookkeeping and Accounting
• GST Return Review and Reconciliation
• Payroll and Expense Audit
• Inventory and Fixed Asset Verification
• Internal Financial Control Review
• Fraud Risk Assessment and Special Investigation, where separately agreed
• Statutory Audit and Tax Audit Coordination
• Annual Financial Statement Review
• Compliance Calendar and Documentation Support

Approximate Time Duration : 5–15 Working Days per quarter, depending on transaction volume, business complexity, number of locations and availability of records.

Price Covers -Service + executive + admin + support: – end-to-end assistance including documentation, online uploads, portal management, expert consultation, printing and support from a dedicated relationship executive.

Note: Our service charges may vary depending on the specific requirements of each client. Prices are determined individually for every service based on scope, complexity, and customization needs. A detailed quotation will be provided after understanding your exact requirements.

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