Internal Controls & Risk Management
Strong internal controls are the foundation of a well-managed business. TaxOnline24 helps organizations design, implement, and test internal control frameworks that protect assets, prevent fraud, and ensure accurate financial reporting.
Our experts conduct comprehensive control reviews aligned with COSO framework principles and provide actionable recommendations to strengthen your organization's governance and risk management structure.
Risk Assessment
Identification, evaluation, and prioritization of financial, operational, and compliance risks affecting your business objectives and growth.
Process Documentation
Preparation of Standard Operating Procedures (SOPs), process flow charts, and control matrices for key business processes and financial cycles.
Control Testing
Design effectiveness and operating effectiveness testing of internal controls to identify gaps, weaknesses, and areas requiring remediation.
Fraud Prevention
Fraud risk assessment, segregation of duties review, and implementation of preventive and detective controls to minimize fraud exposure.
Compliance Review
Review of adherence to internal policies, statutory regulations, and industry standards with recommendations for improved governance.
Internal Audit Support
Setting up internal audit functions, preparing audit charters, risk-based audit plans, and training internal audit teams for ongoing effectiveness.
Frequently Asked Questions
What is the difference between internal audit and internal controls?
Internal controls are the policies, procedures, and systems put in place to manage risk. Internal audit is the independent function that evaluates whether those controls are designed and operating effectively.
Is an internal control review mandatory for all companies?
Under the Companies Act, 2013, listed companies and companies with paid-up capital above ₹10 crore must have an internal audit. Directors of all companies must report on the adequacy of internal financial controls in the Board's Report.
What is the COSO framework?
COSO (Committee of Sponsoring Organizations) is an internationally recognized framework for designing and evaluating internal control systems, covering five components: Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring.
How long does an internal control review take?
Depending on the size and complexity of the organization, a comprehensive internal control review typically takes 2 to 6 weeks, including fieldwork, testing, and report preparation.