What are the types of internal audits?

Internal audits can include operational audits, compliance audits, financial audits, forensic audits, IT audits, and environmental audits.

What are the key standards in internal audits?

The key standards include independence, objectivity, proficiency, quality assurance, and communication.

What is the risk-based approach in internal audits?

The risk-based approach prioritizes auditing high-risk areas within an organization to focus resources where they are needed most.

What are the 5 C's of internal audit?

The 5 C's are Control, Compliance, Cost, Consistency, and Communication, which are critical for a successful audit process.

How does an internal audit help in risk management?

Internal audits help identify and mitigate risks by ensuring that internal controls are effective and that the company complies with laws and regulations.

Gulshan Grover

Partner
Assurance & Advisory

Gulshan has 15+ years of professional experience in audit and assurance services. Prior to joining Felix Advisory, Gulshan had worked with the assurance practice of a member firm of Ernst & Young. Gulshan is a Chartered Accountant and also a Certified Internal Auditor from the Institute of Internal Auditors, United States.

He has vast experience of risk-based assurance and auditing services in various industries including manufacturing and trading, medical equipment, real estate, and information technology. His area of expertise includes statutory audits, financial due diligence, Indian accounting standard (IND AS) and international financial reporting standards (IFRS) diagnostics, Sarbanes-Oxley, and the Japanese version of Sarbanes-Oxley testing, financial investigations, and special audits. He enjoys rich experiences of Indian generally accepted accounting principles, IND AS, and IFRS and believes in following a solution-oriented approach in his work.

Gulshan also has extensive experience of working with Japanese companies in various industries with a special focus on automotive industries. At Felix, he also spearheads the Japanese business service desk enabling timely and focused delivery of advisory services to the Indian business of Japan headquartered multinational companies.