What the engagement covers.
The firm undertakes both internal audit (periodic) and concurrent audit (continuous) engagements. The work is scoped against the entity's risk register and the regulator's prescribed coverage where applicable.
Internal audit
Internal audit engagements are risk-based, with the audit universe and the year's plan agreed at acceptance. The firm follows the Standards on Internal Audit (SIA) issued by the Institute, with documentation, planning, and review aligned to SQC 1 and SA 220.
- Risk-assessment and audit-plan development
- Process audits across procurement, payables, payroll, inventory, and treasury
- IT-general-controls (ITGC) and information-systems audit components
- Compliance-audit work and regulatory-readiness reviews
- Reporting to the audit committee or the engaging management
Concurrent audit
Concurrent audit is undertaken principally for bank branches, with continuous transaction-level review under the RBI's directions. Reports are issued at the cadence the bank prescribes, typically monthly.
- Continuous review of advances and asset classification
- KYC and AML verification
- Limit-overage, exception, and irregularity reporting
- Verification of charges levied and concessions granted
- Compliance with the bank's circulars and the RBI's master directions