Internal & Stock Audits
The internal audits are conducted with varying client requirements but essentially the objective thereof is to provide assurance on controls and processes. It is a risk-based approach that focuses on our clients’ objectives and impediments to achieving those objectives. It has been developed for consistent execution in every internal audit practice around the world. The process is scalable and is underpinned by our risk assessment methodology. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.
The special Stock Audit team of internal audit consultant in Kochi follows a strict audit and reporting mechanism that strives for best and makes sure that each minute aspect of stocks is evaluated and findings are reported in a transparent manner to levels concerned. Stock audits are also undertaken for banks and other financial institutions which have extended credit to businesses against physical goods and assets. We have big enough network throughout India for quick and simultaneous audits at multiple locations. We take full care to provide you with comprehensive and most accurate figures of inventories. During this audit, all the records of purchase, sale and movements of stock is taken carefully.
Internal audit and stock audit services in Kochi and Kerala
In short: A. George & Associates provides risk-based internal audits and stock audits for companies, hospitals, hotels, manufacturers, traders and banks in Kochi, Ernakulam and across Kerala, from our office in Vyttila.
Risk-based internal audit
An annual audit plan built around your highest risks, covering procure-to-pay, order-to-cash, inventory, payroll, treasury, fixed assets and IT controls, with quarterly reports to management and the audit committee.
Internal audit under the Companies Act
Internal audit for companies required to appoint an internal auditor under section 138 of the Companies Act, 2013, and support for internal financial controls reporting.
Stock audit for banks and lenders
Physical verification, valuation and ageing of inventory and receivables for borrowers, reporting to banks and financial institutions on drawing power and security.
Inventory reviews for businesses
Periodic stock counts, reconciliation with records, slow-moving and obsolete stock analysis, and controls over stores and warehouses for manufacturers, traders, hospitals and hotels.
Process and control reviews
Standard operating procedures, delegation of authority, segregation of duties and system access reviews, with practical, prioritised recommendations.
When fraud is suspected
If an internal audit uncovers signs of fraud or unexplained loss, our forensic audit team can investigate further.
Frequently asked questions
Is internal audit mandatory for companies in India?
Certain classes of companies must appoint an internal auditor under section 138 of the Companies Act, 2013, based on criteria such as listing status, turnover and borrowings. Many other businesses choose internal audit to strengthen controls.
How is internal audit different from statutory audit?
A statutory audit gives an annual opinion on the financial statements. An internal audit reviews processes and controls during the year and reports weaknesses to management so they can be fixed early.
Do you carry out stock audits for banks?
Yes. We carry out stock and receivables audits for banks and financial institutions that have lent against inventory, including physical verification and valuation.
Can internal audit be outsourced?
Yes. Many companies outsource internal audit to us fully, or co-source it alongside their in-house team for specialist areas such as IT controls or inventory.
Do you take internal audits outside Kochi?
Yes. We carry out internal and stock audits across Kerala, with site visits wherever the operations and stock are.