Internal Audit of Start-Ups
Date15 Sep 2016//
CategoriesInternal Audit of Start-Ups
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.
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
- 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 email@example.com or call us at 0120-4113075 or Click here.