Internal Audit of Start-Ups

Internal Audit services

Internal Audit of Start-Ups

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Start-up has emerged as an altogether different business model in last one decade which is disruptive, speed oriented, innovative and led by younger generation.

We are working with start-ups form last 5 years and understand their business model thoroughly. As per our experience, Start-ups which has scaled up, require a unique and customized approach towards internal audit which add value rather being just a fault finding exercise or a tick mark as an compliance.

Usually, there are no precedents in Start-ups which makes them vulnerable and at the same time agile also to adopt any new approach which enhances the overall value offering by them.

A

Scope of work:

  • Review the MIS and other metrics
  • Review whether the company has registered itself under all applicable compliances as per nature of work and industry
  • Status of tax deposit, utilization of input credit and filing of returns
  • Review the system of procurement of goods, services and capital assets
  • Study the inherent risk of fraud or double payment
  • Process of reconciliation of revenue being collected from different mode of payments i.e. Cheque/NEFT/Online/Discount coupons/Channel partner etc.
  • Review the controls in the operations of business which impact the accounting and taxation information
  • Review of payroll process
  • Any other areas as per the specific requirement of business or founders or investors

B

Execution strategy:

  • Understand the business model and the uniqueness about it
  • Understand the apparent pain points which can be addressed by Internal Audit
  • Prepare the schedule of Internal Audit and share it on Google docs with relevant people
  • Start the audit with a focus on system approach
  • Discussion with relevant people about any queries or observations during the course of audit
  • Compile the findings and observations
  • Suggest the right course of action to fix the problems observed
  • Ask for the comments and incorporate them in the audit report
  • Submit the final report to the management/founders.
  • Review the implementation status of action points of last report.
To see how Blue Consulting can help you in Internal Audit of your Start-up venture, get in touch with us at bdm@blueconsulting.co.in or call us at 0120-4113075 or Click here.