Frame Internal Control Services
Tax Robo helps you to frame internal controls for auditing and compliance purposes. Understand the types of internal controls and the process to set up one.
Professional CA/CS/CMA Support
Quick Process
100% Compliance Support
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All Financial Services in One Place
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Frame Internal Control
Internal Controls Are Designed To Provide Reasonable Assurance Regarding The Achievement Of Objectives In The Following Categories
✓ Reliability And Integrity Of Financial Products And Operational Information.
✓ Effectiveness And Efficiency Of Operations And Programs.
✓ Safeguarding Of Assets.
✓ Compliance With Laws, Regulations, Policies, Procedures, And Contracts.
Internal Audit Assists The Company In Maintaining Effective Controls By Evaluating Their Effectiveness And Efficiency And By Promoting Continuous Improvement As Part Our Internal Auditing And Consulting Activity.
We, at Tax Robo, are here to help you with internal controls.
Important Audit Services
Scope of Audit Services
Internal Controls
Internal Controls Are Designed To Provide Reasonable Assurance Regarding The Achievement Of Objectives In The Following Categories:
✓ Reliability and integrity of Financial Products and operational information.
✓ Effectiveness and efficiency of operations and programs.
✓ Safeguarding of assets.
✓ Compliance with laws, regulations, policies, procedures, and contracts.
Internal Audit Assists The Company In Maintaining Effective Controls By Evaluating Their Effectiveness And Efficiency And By Promoting Continuous Improvement As Part of Our Internal Auditing And Consulting Activity.
Finance and Accounts Controls
✓ Test Of Controls – Internal Controls
✓ Cash & Bank Payments & Receipts
✓ Bank Reconciliation Statements
✓ Travel & Advances Verification
✓ Transporters Bills Verification
✓ Suppliers Payment Verification
✓ Deposits & Interest Accounting
✓ Loan Accounting & Repayments
✓ Custody of Physical Cash Surprise Verification
✓ Sales Invoice Accounting and income recognition
✓ Documentations / Filings
How it Works
Stage 1
✓ You fill out the inquiry form.
✓
The client relations team calls or emails you.
Stage 2
✓
Understanding of requirements.
✓
Ballpark estimate (if possible).
✓
Proposal (if required).
✓
Approval to go ahead.
Stage 3
✓
Confirm pricing
✓
Contracting & SLA sign-off
Stage 4
✓
Resource deployment & training
✓
Project kick-off meeting
Stage 5
✓ Project execution & management
✓
On-going reporting & feedback
Stage 6
✓ Work delivery to the client
✓
Client feedback and review
Compliances of Statutes
- TDS Compliances
- Services Tax Compliances
- PF & ESI Compliances
- Professional Tax Compliances
- Income Tax Compliances
- Others Statutory Compliances
Fixed Asset Controls
- Fixed Asset Accounting
- Fixed Asset register Maintenance – with Location
- Asset Deletion Accounting & Recognition
- Insurance details for Fixed Asset
Analysis of Various general Ledger Transactions and Balances
- Setup a Internal Controls Systems for smoothening the functions
- MIS Reports for Managements
- Collections and Follow-ups in Excel data Sheet
- Budgetary Controls
- Documents Maintenance Controls and Supports
Tax Robo Team and Process
- Surprise Verification
- Associated Firms In Tamilnadu
- Strength Is Our Branches
Various Internal Controls
Preventive Controls
Segregation Of Duties: Duties Are Segregated Among Different People To Reduce The Risk Of Error Or Inappropriate Action. Normally, Responsibilities For Authorizing Transactions (Approval), Recording Transactions (Accounting) And Handling The Related Asset (Custody) Are Divided.
Approvals, Authorizations, And Verifications: Management Authorizes Employees To Perform Certain Activities And To Execute Certain Transactions Within Limited Parameters. In Addition, Management Specifies Those Activities Or Transactions That Need Supervisory Approval Before They Are Performed Or Executed By Employees. A Supervisor's Approval (Manual Or Electronic) Implies That He Or She Has Verified And Validated That The Activity Or Transaction Conforms To Established Policies And Procedures.
Security Of Assets (Preventive And Detective): Access To Equipment, Inventories, Securities, Cash And Other Assets Is Restricted. Assets Are Periodically Counted And Compared To Amounts Shown On Control Records.
Detective Controls
Detective Controls Are Designed To Find Errors Or Irregularities After They Have Occurred. Examples Of Detective Controls Are:
- Reviews of Performance: Management compares information about current performance to budgets, forecasts, prior periods, or other benchmarks to measure the extent to which goals and objectives are being achieved and to identify unexpected results or unusual conditions that require follow-up.
- Reconciliations: An employee relates different sets of data to one another, identifies and investigates differences, and takes corrective action, when necessary.
- Physical Inventories
- Audits