Mandatory Requirement For Internal Audit In India
Section 138 of the Act was enforced with effect from 1st April 2014. As per section 138 of the Companies Act, 2013, such class or classes of companies as may be prescribed shall be required to appoint an internal auditor to conduct internal audit functions and activities of the company. Accordingly such class or classes of companies have been prescribed in Companies (Accounts) Rules, 2014 by Ministry of Corporate Affairs. The following class of companies shall be required to appoint an internal auditor namely ,
- Listed companies : – Appointment of an internal auditor is mandatory
- Unlisted public company and private companies : –
Appointment of an internal auditor is mandatory if either of the following criteria are met- Turnover is equal to or more than Rs. 200 Crores
- Outstanding Loans & Advances anytime during the year crosses Rs. 100 Crores
We provide strategic, transformational, and technical offerings in risk and compliance
- Our approach
Our approach to risk and compliance consulting
Compliance and Crisis Response
We advocate for data-driven, technology-enabled transformations that prioritize talent, culture, and the optimization of corporate compliance operations. By placing these aspects at the center of our approach, we ensure that organizations not only meet regulatory requirements but also cultivate a compliance culture that is adaptable, proactive, and aligned with their overall strategic objectives.
Commodity Risk Management
Our work revolves around assisting clients in effectively managing financial risk and compliance throughout their production supply chain. We begin by quantifying a range of risks, including those related to trading, operations, and strategic aspects. By thoroughly understanding these risks, we can develop strategies and solutions to mitigate them effectively.
Credit Risk Management
Our expertise lies in constructing advanced end-to-end credit processes that not only enhance clients' operational efficiency but also significantly elevate the quality of credit decisions. By leveraging our specialized knowledge and tools, we assist organizations in streamlining their credit processes from start to finish, resulting in improved efficiency and more informed and accurate credit-related judgments.
Operational Risk Management
Our focus is on supporting clients in establishing robust guardrails that minimize the risk of reputational damage or regulatory penalties. By working closely with organizations, we help them develop and implement clear guidelines and protocols that align with regulatory requirements and best practices. These guardrails serve as a framework for ethical and compliant conduct, safeguarding the organization's reputation and reducing the likelihood of negative consequences.
- Client success in Risk Management and Compliance
Expected loss reduction
We assisted a leading merchant acquirer in the travel and airline industries with risk management and compliance, resulting in reduced exposure, lower expected losses, and increased profitability in high-risk sectors during a crisis. We successfully reduced the client’s exposure by over one-third and mitigated expected losses by approximately 85% during this turbulent period.
Uplift
A global USA bank partnered with us to enhance their treasury, asset and liability management operating models, as well as their liquidity and interest rate risk management process. Through this transformational engagement, we made revisions to the client’s behavioral models and hedging strategy
Automotive industry
We designed and implemented a global integrity and compliance program for a world-leading automobile manufacturer. The program focused on implementing processes and inspiring people, strengthening governance and processes across more than 500 legal entities worldwide. Through diverse communication, training, and enablement initiatives, we engaged all employees on the path to achieving sustainable culture change.
Client results
Explore our success stories to see how we have helped businesses like yours overcome challenges and achieve tangible results.
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