The standard for Internal Audit is established by the Institute of Chartered Accountants of India (ICAI). According to the ICAI, Internal Audit is an independent Risk Management Function that assists an organization's management. Unlike the External or Statutory Audit, this audit is carried out internally at the management's request. MMA boasts a team of experienced and accredited auditors with over 10 years of experience in conducting various types of audits.
Through Internal Audit, organizations can identify loopholes and gaps in the implementation of their policies and procedures in various day-to-day functions. These audits can cover areas such as Finance, Risk, and Statutory compliance. The Internal Audit also evaluates internal controls and facilitates the implementation of best industry practices to achieve corporate objectives.
Types of services we offer
How we help
1
Planning:
- The audit process is started by our team of experts.
- The team first understands the client's business processes, risks, and objectives.
- After gathering the necessary information, an audit plan is prepared.
- The audit plan includes the scope, objectives, and methodology of the audit.
2
Fieldwork:
- Audit fieldwork is conducted by our auditors to collect data, test internal controls, and verify transactions.
- We utilize various audit techniques such as observation, inquiry, and documentation review.
- The purpose of the audit techniques is to assess the organization's internal controls and compliance with regulations.
3
Analysis:
- The data collected during the fieldwork phase is analyzed to identify areas for improvement.
- Our findings are reported to the management.
- We use various analytical tools to evaluate the data.
- Recommendations are provided to enhance the organization's operations and controls.
4
Reporting:
- An audit report is prepared, which outlines the audit findings, recommendations, and observations.
- The results of the audit are communicated to the management.
- Feedback from the management is obtained.
5
Follow-up:
- Follow-up is done with the management to ensure corrective actions are taken.
- Implementation of recommendations is monitored.
- Progress made is reported.
Overall, the internal audit process is an iterative one that involves ongoing monitoring and assessment of the organization's risks and controls. By conducting regular internal audits, organizations can identify areas for improvement and take action to mitigate potential risks.
Applicability
Periodic assessments:
Internal Audit services can be useful for conducting periodic assessments of an organization's internal controls, risk management processes, and compliance with laws and regulations.
Mergers and acquisitions:
Internal Audit services can be useful in evaluating the risks associated with potential mergers and acquisitions and identifying areas where operational efficiencies and cost savings may be achieved.
New business ventures:
Internal Audit services can be helpful when launching new business ventures or expanding into new markets, by assessing risks and identifying opportunities for operational improvements.
Regulatory changes:
Internal Audit services can be useful in assessing an organization's readiness for regulatory changes, such as new laws or industry standards.
Changes in leadership or ownership:
Internal Audit services can be helpful during times of leadership or ownership changes, by providing an independent assessment of the organization's internal controls and identifying areas where improvements may be needed.
Compliance with industry standards:
Internal Audit services can be useful in evaluating an organization's compliance with industry-specific standards and identifying areas where improvements may be needed.
Investigations:
Internal Audit services can be helpful in conducting investigations into potential fraud, corruption, or other unethical activities.
Performance improvement:
Internal Audit services can be useful in identifying areas where operational improvements and cost savings may be achieved, as well as providing recommendations for achieving those improvements.
Strategic planning:
Internal Audit services can be helpful in evaluating an organization's strategic plan and goals, ensuring alignment with organizational objectives and values.
Risk management:
Internal Audit services can be useful in identifying and managing risks associated with an organization's operations and activities.
Why MMA
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3500+
Projects completed
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100+
Satisfied Clients
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10+
Years of Experience
1
Expertise:
Our team of experienced professionals has in-depth knowledge and expertise in internal audit processes and techniques.
2
Tailored approach:
We understand that every organization is unique, and we tailor our approach to meet your specific needs and requirements.
3
Comprehensive services:
Our internal audit services cover all aspects of the audit process, from planning to reporting.
4
Independent perspective:
As an independent auditor, we provide an objective and unbiased perspective that can help identify areas for improvement.
5
Timely delivery:
We understand the importance of timely delivery and ensure that our services are delivered within the agreed timelines.
6
Compliance:
Our services are designed to help your organization comply with relevant laws and regulations.
7
Continuous improvement:
We provide recommendations for continuous improvement to enhance your organization's operations and controls.
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Confidentiality:
We maintain the highest level of confidentiality in all our engagements to protect your organization's sensitive information.
9
Client-focused:
We are committed to providing exceptional client service and building long-term relationships based on trust and mutual respect.
Kpis To Measure The Service Quality
Costs
- Actual vs. budget costs.
- Budget needed for completion vs. budget remaining
Team Productivity
- Lead time and Cycle time.
- Team Velocity
- Deployment frequency
- Time spent vs. time planned (for iteracions or implementation of partic features)
Customer Involvement
- Time spent by a customer's employees fulfiling a vendor's requests
- Time of delays with requirements elicitation sessions on the customer’s side
User Satisfaction
- Overall customer satisfaction score
- The team's proactivity (problem-solving Skills, ability to give advice)
- The team's reliability (fulfilment of promises)
- The team's responsiveness (including availability)
MMA FEMA Internal Audit Service - Q&A
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Q: How long does an internal audit take?
A: The duration of an internal audit depends on the size and complexity of your organization and the scope of the audit. We will provide an estimated timeline at the start of the engagement.
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Q: What areas do your internal audit services cover?
A: Our internal audit services cover a wide range of areas, including financial reporting, operational effectiveness, compliance, and risk management.
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Q: How much do your internal audit services cost?
A: The cost of our internal audit services depends on the scope and duration of the engagement. We will provide a detailed proposal and cost estimate at the start of the engagement.
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Q: How do you ensure confidentiality in your internal audit engagements?
A: We maintain the highest level of confidentiality in all our engagements by adhering to strict confidentiality and data protection policies. We only share information with authorized personnel and ensure that all sensitive information is protected through secure storage and transmission.
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Q: How do you ensure that your internal audit services are delivered on time and within budget?
A: We have a structured project management approach that includes clear timelines and milestones, regular communication with clients, and a focus on delivering quality services within budget. We also have contingency plans in place to address any unforeseen issues that may arise.
