Internal Audit

Internal audit is the review a management team should commission before the statutory auditor does. From Bhosari we test the process that produces the number, not only the number: who can raise a PO, who can pass a journal, who can file 3B, and whether stock at the MIDC gate matches the bin card.

What this engagement covers

• Risk-based plan agreed with management — purchase, sales, payroll, GST, cash, inventory
• Walk-throughs and sample testing against the SOP the company says it follows
• Exception list with owner, due date and a re-test in the next cycle
• Report a board or a lender can read without a second translation
• Handover of open points into virtual CFO and statutory audit files

How we work

The plan is short. The fieldwork is on the shop floor and in the ERP, not only in a conference room on Spine Road. Findings that cannot be re-tested are not written as closed. Internal audit at this practice is useful only if the next quarter is cleaner than the last.

Who it is for

PCMC manufacturers and growing companies that want control findings during the year, not as a surprise in the statutory audit report.