FBS Advisory

Audit & Risk

Internal Audit Services for Growing Businesses

Risk-based internal audits of your accounting, purchasing, sales, inventory and payroll processes, with clear findings and practical fixes your team can act on.

Overview

Clarity at every step

An internal audit looks at how your business actually runs, not just whether the numbers add up. We agree the scope with you, walk through each process with the people who run it, test transactions and controls on a sample basis, and report what we find in plain language: what went wrong, why it matters, how much it could cost, and what to change. Typical reviews cover purchase-to-payment, order-to-cash, inventory and stock movements, payroll, cash and bank, fixed assets, and GST and TDS compliance. We can run a one-time review or a quarterly programme that tracks whether earlier findings have been fixed. Our team has internal audit experience across sectors including automobile dealerships and electronics manufacturing.

What you gain

  • Risk-based scope agreed with management
  • Process walkthroughs and control testing
  • Findings ranked by risk and money at stake
  • Follow-up reviews to confirm fixes

Our process

A practical path forward

01

Plan

Understand the business, agree the scope, and identify the highest-risk processes.

02

Test

Walk through each process, test samples of transactions, and check controls work in practice.

03

Report

Share findings with evidence, risk ratings and practical actions, then follow up on fixes.

Common questions

Good to know

It is mandatory for certain larger companies under the Companies Act, based on turnover, borrowings or deposits, and for listed companies. Most SMEs are not required to have one but use it voluntarily to reduce errors, leakage and fraud risk, and to prepare for the statutory audit.

A statutory audit is a legal requirement in which a practising Chartered Accountant gives an opinion on your financial statements. An internal audit is a review for management of how processes and controls work, with practical recommendations. It does not replace the statutory audit, but it makes it smoother.

Growing businesses usually benefit from a quarterly or half-yearly review. A one-time review is a good start if you have never had one, or before a fundraise, a bank review or a change of accountant.

Yes. Much of the testing can be done remotely from your accounting system and documents, and we plan site visits where physical checks such as stock counts are needed.

A written report with an executive summary, detailed findings with evidence, risk ratings, recommended actions with owners and timelines, and a follow-up tracker.
More answers on GST, income tax, payroll and audit in our FAQs →

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