PhygiTech specializes in providing comprehensive and reliable internal audit services, including risk management, process improvement, and compliance monitoring. With a dedicated team led by an experienced Audit Managers, PhygiTech provides a turnkey solution for companies seeking to establish or maintain an internal audit function, attain, or maintain regulatory compliance, mitigate fraud risk, or gain an overall assessment of their internal controls.
The focus areas of PhygiTech’s internal audit services include cost reduction, tax planning, segregation of duties, effective ERP utilization, improved governance, and more. By engaging PhygiTech, clients can rest assured that their books of accounts will be subject to thorough internal audit, ensuring compliance, risk mitigation, and fraud prevention.
The following would be the focus areas in any internal audit service done by PhygiTech
- Focusing on risk areas through the participation in corporate governance and risk management processes.
- Evaluating and recommending process improvement opportunities.
- Researching and benchmarking with best practices and making recommendations for change.
- Monitoring the implementation of management strategic actions.
- Organising itself as a cost-effective business unit. When designing an internal audit function, strategy must drive tactics, not the reverse.
- Evaluation of internal controls
- Cost reduction and cost control opportunities
- Tax planning and advise on tax cost mitigation strategies
- Segregation of duties
- Compliance monitoring
- Effective ERP utilisation
- Improved governance
- Process Audits
- Advising organizational procedures being followed.
- Assessing/ preparing Internal Audit Manual for the organization and Study of control objectives.
- Analysing Accounting and Audit manual.
- Practicality and viability of existing controls and areas of improvement.
- Assessment of risks and open points.
- Checking the controls instituted within the system.
- Determining controls that are adequate to meet control objectives.
- Working out possible areas of improvement.
- Comparison of written control policies and adherence to same.
- Measuring deviation at test check levels.
- Deciding on degree of control which is adequate depending upon organization to organization.
- Consideration of Fraud.
- Assets at risk and their protection.
- Audit of Corporate Governance.
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Internal Audit
Internal audit is an independent, objective assurance cum consulting activity focussed to add value and improve an organization’s capabilities. It helps the organisation accomplish its objectives by providing insight and recommendations based on analysis and assessments of data and business processes.
