Internal Audit 

We provide comprehensive internal audit services that help businesses identify risks, strengthen internal controls, improve operational efficiency, and ensure complete financial transparency.
Our audit methodologies are aligned with global best practices, giving management the clarity and confidence needed to make informed decisions.

Whether you want to reduce financial leakages, verify stock accuracy, assess HR processes, or improve compliance, our independent audit team ensures your business runs smoothly, securely, and efficiently.

Why Businesses Need Internal Audit 

Internal audit is essential for every business - whether small, medium, or large. It helps you:

• Detect fraud and prevent financial losses

• Ensure accuracy in financial records and transactions

• Strengthen internal controls and accountability

• Improve efficiency in operations and processes

• Validate compliance with internal SOPs and external regulations

• Identify business risks before they escalate

• Highlight weaknesses in controls, HR systems, inventory, procurement, and finance

• Improve governance, transparency, and decision-making

A well-performed internal audit is the backbone of a healthy organization.

Benefits of Internal Audit 

Types of Internal Audits We Offer 

We provide a wide range of specialized internal audit services tailored to your business operations:

1. Stock/Inventory Audit

• Physical stock verification

• Stock movement & consumption analysis

• Pilferage and shrinkage identification

• Inventory valuation accuracy

• Reconciliation with ERP/system
  
  

2. Accounts Receivable (AR) Audit

• Debtor ageing accuracy

• Credit policy review

• Collection efficiency assessment

• Bad debt risk identification

• AR ledger reconciliation
  
  

3. Accounts Payable (AP) & Vendor Audit

• Supplier invoice verification

• Duplicate or overpayment detection
  Vendor reconciliation

• Purchase/approval workflow audit
  
  

4. HR & Payroll Audit

• Attendance & timesheet controls

• Salary structure and deductions review

• HR SOP compliance

• Recruitment-to-payroll workflow check

• Statutory compliance verification
  
  

5. Financial Controls Audit

• General ledger & transaction testing

• Authorizations & approval controls

• Payment, revenue & cash flow controls

• Bank reconciliation verification
  
  

6. SOP Review & Development Audit

• Evaluation of existing SOPs

• Identification of process gaps

• Department-wise SOP drafting (HR, finance, procurement, etc.)

• Implementation roadmap

7. Compliance & Policy Audit

• Regulatory and tax compliance checks

• Internal policy implementation

• Documentation review and verification
  
  

Service Level Agreement (SLA)

Mode of Services

Our Audit Process 

We follow a tested, transparent, and professional audit methodology:

1. Understanding the Entity & Its Operations

Review internal workflows, financial cycles, HR processes, and departmental functions.

2. Audit Planning & Scope Finalization

Define objectives, risk areas, timelines, sample sizes, and deliverables.

3. Data Collection & Sample Testing

Document examination, system checks, reconciliations, interviews, and physical verification (for stock audits).

4. Control Testing & Analysis

Evaluation of authorizations, approvals, system workflows, and compliance gaps.

5. Identification of Findings & Risks

Highlight issues, deviations, weaknesses, or control failures.

6. Recommendations & Corrective Actions

Provide practical, actionable solutions for improvement.

7. Final Audit Report Submission

Detailed audit report with risk levels, evidence, and recommendations.

8. Follow-Up Audit (Optional)

Recheck improvements to ensure implementation.

What Our Internal Audit Report Includes 

Fee Structure 

Why  Outsource Internal Audit At EdSkills

Outsourcing your internal audit to EdSkills Business Solutions ensures expert oversight, efficiency, and minimal disruption to your operations. Our specialized team delivers high-quality audits with professionalism, accuracy, and flexibility.

Key Benefits of Choosing EdSkills for Internal Audit

• Expert Team Leadership – Our internal audit team is led by experienced auditors who guide the process seamlessly from planning to reporting.

• Minimum Engagement of Client Resources – We handle most of the audit tasks independently, ensuring your team can focus on core operations.

• Calm and Professional Process – Our structured approach ensures audits are smooth, stress-free, and do not disrupt day-to-day business.

• Internal Audit Online – We leverage secure digital platforms to conduct audits remotely, providing flexibility and faster reporting.

• Recruitment & HR Audit Services – We offer comprehensive recruitment audits, reviewing your hiring process, onboarding procedures, compliance with labor laws, and overall HR practices to ensure organizational integrity and risk mitigation.

• Comprehensive Coverage – From stock, credit, accounts receivable, payables, to SOP and HR processes, our audits are thorough and actionable.

• Cost-Effective & Efficient – Outsourcing reduces operational costs compared to in-house audits without compromising quality.

FAQs 

1. 1. What is internal audit and why is it important for businesses?

Internal audit is an independent evaluation of your company’s processes, internal controls, and risks. It helps improve efficiency, prevent fraud, and strengthen compliance.

1. 2. What services are included in internal audit?

Internal audit covers stock audits, HR audits, accounts receivable/payable verification, SOP evaluation, internal control testing, compliance checks, and operational audits.

1. 3.  How is internal audit different from external audit?

Internal audit focuses on improving internal processes and reducing risks, while external audit verifies financial statements for regulatory compliance.

1. 4.  Why should companies outsource internal audit services?

Outsourcing ensures unbiased reporting, expert auditors, cost savings, and access to industry best practices without maintaining an internal audit department.

1. 5.  What are the benefits of internal audit for SMEs and startups?

Internal audit helps SMEs improve financial accuracy, detect inefficiencies, reduce operational risks, and prepare for investor evaluations.

1. 6. How often should a business perform internal audits?

Most companies conduct audits monthly, quarterly, or annually depending on industry, size, and regulatory requirements.

1. 7.  What is included in a stock or inventory audit?

Stock audits include physical verification, inventory valuation, stock accuracy checks, consumption analysis, and reconciliation with ERP/software records.

1. 8.  What is an HR audit and why is it needed?

An HR audit reviews employee files, payroll, attendance, hiring SOPs, compliance, and HR processes to ensure legal and operational accuracy.

1. 9.  What is the process of internal audit at EdSkills Business Solutions?

Our process includes: understanding the entity, risk assessment, SOP review, sample testing, internal control evaluation, reporting, and follow-up reviews.

1. 10.  How long does an internal audit take?

Audit duration depends on the scope, typically 1 to 8 weeks depending on company size and areas under review.

1. 11.  Do you provide audit reporting and recommendations?

Yes. We provide detailed internal audit reports, risk findings, control gaps, recommendations, and improvement roadmaps.

1. 12.  Which industries need internal audit services?

Retail, manufacturing, services, trading, e-commerce, healthcare, education, real estate, and financial services.

1. 13.  What is the cost of internal audit services?

Fees depend on audit scope, business size, number of locations, and reporting requirements. We offer monthly, quarterly, and project-based pricing.

1. 14.  What documents are required for an internal audit?

Financial records, stock reports, HR files, bank statements, invoices, ledgers, ERP access, SOPs, and compliance documents.

1. 15.  Why choose EdSkills for internal audit services?

Because we provide a structured audit process, experienced auditors, industry-trained professionals, detailed reporting, flexible modes of service, and a commitment to accuracy and transparency.

1. 16. What does EdSkills cover in a Recruitment Audit?

Our audit includes:

• Reviewing recruitment policies and procedures

• Checking compliance with labor laws and company SOPs

• Evaluating candidate selection and onboarding process

• Assessing documentation, approvals, and contracts

• Providing actionable recommendations to improve efficiency and compliance