Indian businesses running operations beyond a certain scale face a quiet but serious compliance challenge: statutory authorities no longer accept the word of management alone. Regulators want independent verification of your financial controls, risk management, and regulatory adherence, and they want it done by qualified professionals operating to a defined standard. Under Section 138 of the Companies Act 2013 read with the Companies (Accounts) Rules 2014, a growing class of companies is required to appoint an internal auditor. Failure to comply exposes the company and its directors to penalties under Section 450 of the Companies Act 2013, and in the case of RBI-regulated or SEBI-listed entities, to regulatory enforcement action that can include fine, prohibition, and public censure. Beyond the legal mandate, unexamined controls expose the business to fraud, tax mismatch, GST reconciliation gaps, and operational inefficiency that erode margins quietly. KAMRIT Financial Services LLP provides end-to-end internal audit services: from scoping the engagement and constituting the audit committee resolution to delivering a risk-rated audit report and presenting findings to the audit committee. Every engagement is led by a qualified Chartered Accountant trained on ICAI Standards on Internal Audit (SIA), with sector-specific expertise for NBFCs, manufacturing companies, IT service firms, and charitable trusts. You get a functioning internal audit function without having to hire and manage a full-time internal audit department.
What is Internal Audit in India 2026?
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Documents required
KAMRIT prepares the complete document requisition list at the time of engagement scoping. The following documents form the standard audit file for a Companies Act company. Additional documents are specified for RBI-regulated or SEBI-listed entities at the time of engagement kickoff.
- PAN card and GST registration certificate of the company, primary identity and indirect tax registration documents
- CIN from MCA21 portal and prior year filings with the Registrar, extracted from Form AOC-4, MGT-7, and related annual returns
- Memorandum and Articles of Association, to understand authorised activities, capital structure, and any restrictions on transactions
- Board resolutions appointing the internal auditor and constituting the audit committee, required to establish the legal mandate for the engagement
- Form DIR-12 filings and register of directors and KMP, to verify director disqualification checks and related-party transaction identification
- Bank statements for all current and savings accounts for the audit period, to conduct receipts and payments testing and bank reconciliation
- Sales and purchase ledgers with GST ANX-1 and ANX-2 data, to verify GST turnover classification and input tax credit eligibility
- TDS certificates, Form 16/16A/16C, and quarterly e-TDS returns filed under Section 203 read with Section 200A of the Income Tax Act 1961
- Form 3CD, the tax audit report annexure from the previous year's tax audit engagement, if applicable, providing the opening balances for current-year testing
- Fixed asset register and depreciation schedule, for verification of block-wise depreciation calculation under the Income Tax Act 1961
- Stock records, debtor aged analysis, and creditor reconciliation statements, to test existence and completeness assertions during audit fieldwork
- Prior year internal audit report, management letter, and audit committee minutes, for continuity and tracking of unresolved prior-period findings