Internal audit
Internal audits that find gaps and drive corrective action
We conduct independent internal audits that identify control gaps, leakage and process weakness — and track corrective action through to closure.
Findings that change the process, not a report that is filed and forgotten.
Find the gap. Close the loop.
Independent process review and corrective action
The problem
Where risk usually hides
- Revenue leakage and billing exceptions.
- Uncontrolled purchasing or duplicate payments.
- Inventory differences and slow-moving stock.
- Payroll or expense exceptions.
- Weak system access and approval controls.
Audit coverage
- Finance and accounts.
- Revenue, billing and collections.
- Purchase, vendors and payments.
- Inventory and fixed assets.
- Payroll and employee expenses.
- Branches, operations and compliance processes.
Methodology
- Risk assessment and scope approval.
- Process walkthrough and control mapping.
- Sample testing and evidence review.
- Root-cause analysis and risk rating.
- Management discussion and final report.
- Corrective-action closure tracking.
Independence and reporting
- We report functionally to the Board, Audit Committee or another approved governance owner.
- Conflicts are declared and operating work is kept separate from independent review.
- Scope, frequency and methodology are agreed in advance.
Internal audit under 5th Quadrant's engagement is an independent operational and control review, appointed by the Board or Audit Committee where Section 138 applies. It is separate from, and does not replace, statutory financial audit.
Practical outputs
What you receive
- Risk-based internal audit plan.
- Process and control matrix.
- Observation report with risk ratings.
- Root causes and practical recommendations.
- Management action plan.
- Periodic closure report.
Ask us for our Internal Audit Readiness Checklist when you get in touch.
Evidence
Evidence, not assertion
Anonymised sample deliverables and case studies for this service are in preparation. Ask us for examples relevant to your industry, and we will take you through our review controls, reporting frequency and the roles accountable for each.
Frequently asked questions
Can a consulting company conduct internal audit in India?
Yes. Section 138 of the Companies Act permits prescribed companies to appoint a Chartered Accountant, Cost Accountant, or another professional decided by the Board — including a firm like 5th Quadrant — as internal auditor, subject to Board or Audit Committee approval.
How is internal audit different from statutory audit?
Statutory audit is an independent opinion on the financial statements, performed by the company's appointed statutory auditor. Internal audit reviews processes, controls and risk, and reports internally to management or the Board — it is not a substitute for statutory audit.
Who approves the internal audit scope?
The Board, Audit Committee, or another governance owner you designate — scope, frequency and methodology are agreed with them before work begins.
Can 5th Quadrant audit a process it operates?
No. Where 5th Quadrant provides operating support for a process (such as accounting or payroll), independent review of that same process is either excluded from our audit scope or handled with disclosed conflict-management arrangements.
How are observations rated and closed?
Each observation gets a risk rating and a root cause, agreed with management in a discussion before the final report. Corrective actions are then tracked to closure in a periodic follow-up.
Can 5th Quadrant conduct inventory, payroll or revenue audits?
Yes, these are common focus areas within an internal audit scope, alongside purchase, vendor and branch-level reviews.
The connected picture
Build the next layer.
Internal controls and risk
We replace informal, person-dependent practice with documented, testable financial and operational controls, proportionate to the stage of the business.
Learn more →SOP and process consulting
We convert undocumented, person-dependent finance work into measurable operating procedures, so the process holds when a key person is unavailable.
Learn more →ESG and sustainability advisory
We convert sustainability expectations — from regulators, investors and customers — into governance, policy, data, operational change and reporting the organisation can evidence.
Learn more →