What is the function of the Internal Audit department at Big 4 firms, particularly Ernst & Young?

So, basically internal audit is more concerned towards consultancy work wherein we advise the clients that how they can perform their process in more effective and efficient manner. So, we are not concerned much with financials, rather we focus more on the process and find the loopholes there in to plug them.

Type of engagements generally depend on the clients. At some clients, we used to check all the processes every year, on the other hand on some clients, we audit specific processes at few plants only depending what the client wants. Generally, we don't have any predefined checklist as the work is so dynamic. Different clients in different industries have different process frameworks. So, we generally focus on understanding the process first and then think what we can do to find the loopholes.

Apart from this, we used to perform other works as well as mentioned below:

1.     Implementing compliance tool: Compliance became the most important aspect of business now a days as there are so many compliances. We have the compliance tools to monitor the same. So we implement these tools on the clients.

2.     SOP and RACM drafting: I can't explain what these are in detail over here, but in short you can assume these are the written process and guidelines of the companies. We generally used to make these for the clients.

3.     IFC and SOX testing: These are the testings to ensure that the internal controls are in place and operating effectively in the company. As mandated by the law, companies have to report these things in directors report and give the assurance to their statutory auditors. So, on behalf of client we used to perform this testing.

4.     Data analytics: This is the most trending area now a days. We used to perform some data analytics and present that to the clients. It helps the clients to see the things through different angles and interpret them for the benefit of the company.

5.     Physical verification of inventory

6.     Conducting surveys in the market on behalf of clients

There are many other such works which even I have not come through. There is a lot to explore.


Latest Blogs

Where To Get Best CMA Online Classes In India

COC Education is India's Best Institute To Get CMA Classes.

Who is The Best Faculty For Accounts?

You need the Best Faculty For Accounts, CA Exam Preparation, so that you can pass your exam with Flying Colors without wasting a single minute of your Precious Time. A Good Faculty will not only help you clear your exam but also help you achieve the highest rank Possible, which proves to be surely a great advantage in Job Placement after completing CA.

Best Video Lectures for Operations Management & Strategic Management (OMSM) CMA Inter Group-2

OMSM Operations Management and Strategic Management. Get your Video Lectures Operations Management and Strategic Management from COC Education

Corporate Financial Reporting By CA/CMA Santosh Kumar

CMA Students Get your Corporate Financial Reporting (CFR) Now from COC Education. CA/CMA Santosh Kumar is Providing Studio Recorded Classes for ???Corporate Financial Reporting.

Top Reviews

Introduction to Statistics for CA Foundation

Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics

Chapter X of Companies Act 2013

Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013

Relevant sections under the Companies Act, 2013 dealing with fraud and false statements

Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448

What is Corporate Image

What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage

What is Energy Audit

What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit