Practice Areas · Compliance · Audit & Advisory · Audit & assurance · Internal audit
Internal Audit
An independent appraisal of controls, risk, and processes that strengthens the business from within.
What internal audit is
Internal audit is an independent, objective appraisal of an organisation's controls, risk management, and governance — designed to add value and improve operations, not merely to find fault.
It is mandatory for certain companies under Section 138 of the Companies Act, and valuable for many others as a continuous health-check of the way the business runs.
Who should have internal audit
Mandatory (Section 138)
- Listed companies
- Unlisted public companies above prescribed turnover, borrowing, paid-up capital, or deposit thresholds
- Private companies above prescribed turnover or borrowing thresholds
Valuable for others
- Growing businesses wanting assurance over controls and processes
- Organisations with multiple locations, inventory, or significant cash handling
What we examine
Process & controls
Whether key processes have controls, and whether those controls operate as intended.
Risk management
How well risks are identified, mitigated, and monitored across the business.
Compliance
Adherence to laws, policies, and internal procedures.
Efficiency & leakage
Opportunities to cut cost, plug revenue leakage, and improve operations.
How we work
- 01
Risk-based plan
Map the key risks and agree an audit plan and calendar with the audit committee or management.
- 02
Fieldwork
Walk through processes, test controls and transactions, and document findings.
- 03
Report
Report observations with risk-rating and practical, owner-assigned recommendations.
- 04
Follow-up
Track the implementation of agreed actions in subsequent cycles.
Why work with PBT
PBT runs internal audit as a partnership that strengthens the business, not a box-ticking exercise.
- Risk-based plans tailored to your business, not a generic checklist
- Findings that are actionable, prioritised, and owner-assigned
- Conducted to the ICAI Standards on Internal Audit
- Regular reporting to the board or audit committee
- Scope, deliverables, and fees agreed in writing up front
Frequently asked questions
Is internal audit mandatory for my company?
It is mandatory for listed companies and for unlisted and private companies above the thresholds in Section 138 and the rules. We confirm whether it applies to you.
Can the statutory auditor also be the internal auditor?
No. To preserve independence, a company's statutory auditor cannot also provide its internal audit.
How often is internal audit carried out?
Usually on a continuous or periodic cycle — monthly, quarterly, or half-yearly — set by the risk-based plan agreed with management.
How long does it take?
Internal audit is ongoing; a first cycle for a single location typically runs a few weeks, then settles into the agreed periodic rhythm.
Strengthen your controls
Tell us about your business and concerns, and we'll propose a risk-based internal audit plan.
Send an enquiryThis page describes the nature of the firm's services and is not a solicitation or legal advice. Thresholds, timelines, and applicable registrations depend on your specific facts; engagement terms and fees are agreed in writing per assignment.