Risk assessment & audit plan
Identify significant processes, locations and prior findings. Agree a risk-control matrix, annual or phased plan, testing approach and reporting calendar with the authorised governance body.
GOVERNANCE · RISK · INTERNAL CONTROLS
Internal audit for listed and large private companies
Understand the gaps. Follow the corrective action.
Internal audit engagements for listed and large private companies across India. Define a risk-based audit plan, review key processes and controls, and report evidence-supported findings with management responses and action follow-up. Eligibility and independence are assessed before appointment.
Somesh Chandak & Associates · Chartered Accountants
Office in Thane · Services across India
LISTED & LARGE PRIVATE COMPANIES
A mandate built around governance and scale.
Discuss an internal audit programme across business units, branches and significant processes. The appointment, reporting line, scope, team capability and site coverage are assessed before acceptance.
Multi-location process reviews
Define branch, plant and business-unit coverage, evidence requests and on-site procedures. Examine purchase-to-pay, order-to-cash, inventory, payroll and financial close within the agreed mandate.
Board & audit committee reporting
Prepare an agreed report or committee pack with evidence-supported observations, risk ratings, management responses, repeat findings and significant unresolved matters.
Control design & operation
Assess selected controls, access rights, approval limits and segregation of duties. Distinguish a process gap from a testing exception and explain limitations in the evidence.
Action ownership & follow-up
Record the action owner, target date, proposed response and closure evidence. Report overdue or recurring matters; management remains responsible for implementation.
Independence before acceptance
Review statutory audit and other appointments for the company and relevant group entities. Evaluate conflicts and self-review risks where finance advisory or accounting work is also proposed.
Internal audit is a separate engagement from Virtual CFO support, statutory audit and tax audit. Section 144 of the Companies Act restricts internal audit and certain other services by the statutory auditor, including for relevant holding and subsidiary companies. Engagement eligibility is checked against the applicable facts and professional requirements.
Download an illustrative action registerSynthetic examples for evaluating the reporting format; this is not a client report or evidence of past listed-company assignments.
ENGAGEMENT DETAIL
Review the way work actually happens.
Purchase to payment
Examine vendor onboarding, purchase approvals, receipt of goods/services, invoice checks, payment authorisation and related exceptions.
Order to collection
Review customer onboarding, credit approval, billing, discounts, collections, credit notes and overdue receivables.
Inventory and fixed assets
Assess stock records, movements, counts, asset registers, disposal approvals and reconciliation practices within the agreed locations.
Payroll and expenditure
Review payroll changes, attendance inputs, reimbursements, employee exits and expenditure authorisation.
Financial close and access
Examine reconciliations, journal approvals, reporting responsibilities, system access and segregation of duties.
Compliance and governance processes
Review the organisation’s tracking and evidence of selected obligations, delegated authorities and management-approved policies.
ENGAGEMENT DETAIL
Findings that can be acted upon.
Observation and evidence
State what was examined, the condition observed and the relevant expectation or control objective.
Risk and cause
Explain the potential effect and, where supported by evidence, the underlying cause. Agree the basis for priority ratings.
Response and follow-up
Record management’s response, responsible person, target date and evidence expected for closure. Unresolved high-priority matters remain visible.
CLEAR ACCOUNTABILITY
Who is responsible for what?
The engagement letter confirms the final allocation. Advice and preparation support do not transfer management decisions or statutory responsibilities.
| Work area | The firm’s agreed role | Client or other responsible party |
|---|---|---|
| Audit plan and testing | Prepare the agreed plan, perform procedures and evaluate evidence. | Provide access, records and a suitable reporting line. |
| Findings | Report observations and recommendations supported by work performed. | Review factual accuracy and provide management responses. |
| Corrective action | Assess agreed closure evidence and report remaining gaps. | Own implementation, resources, controls and target dates. |
| Independence | Assess conflicts and applicable restrictions before acceptance. | Disclose current audit, tax-audit and other professional appointments. |
On a small screen, scroll the table horizontally to read all responsibilities.
SERVICES ACROSS INDIA
Work with the firm from across India.
We serve clients across India from our Thane office. The engagement sets out records access, review meetings, responsibilities and delivery milestones. Any on-site visits, physical verification or other location-dependent procedures are agreed according to the assignment.
GETTING STARTED
A defined start. A documented hand-off.
Scope and risk discussion
Understand operations, previous issues and the audit mandate.
Walkthroughs and testing
Review processes and examine selected transactions and evidence.
Discuss the findings
Validate factual matters and obtain management responses.
Report and follow up
Issue the agreed report and track action closure within scope.
PREPARE FOR THE DISCUSSION
Information that helps us scope the work.
Start with a brief description. Detailed records can be shared later through an agreed private channel.
Do not put PAN, Aadhaar, passwords, bank statements or confidential documents in the public enquiry form.
- Organisation chart, processes, locations and system overview
- Existing policies, approval limits and access matrix
- Prior audit observations and open action lists
- Relevant transaction populations and supporting records
- Named process owners and an agreed reporting contact
- Details of existing statutory audit, tax audit and related engagements
FREQUENTLY ASKED QUESTIONS
Questions before we begin.
Can we begin with selected processes?
A defined process review may be appropriate. The engagement must clearly describe whether the work is an internal audit, a control review or another agreed professional assignment.
Will you implement the controls you recommend?
Management owns the controls and implementation. Any separate advisory assistance must be assessed for independence and agreed without compromising the review’s objectivity.
How are findings closed?
The agreed action owner supplies completion evidence. Follow-up procedures examine that evidence and report whether the action appears implemented, remains open or requires further work.
Can the same firm also be our statutory or tax auditor?
Applicable professional and legal restrictions must be assessed before accepting the appointment. The firm does not represent these as interchangeable or automatically compatible engagements.
THE NEXT STEP
Tell us what your business needs.
Describe the matter, your business profile and the expected timeline. The firm will review whether an engagement is appropriate and discuss the scope.
Send a service enquiry
An enquiry does not create a professional engagement or guarantee an outcome.
PRACTICAL RESOURCES
Prepare for a scope discussion.
Internal audit planning checklist and illustrative control matrix