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.

Himanshu Mendiratta

Partner
Assurance & Advisory

Himanshu, a Partner with Felix, has 12+ years of experience in assurance and advisory services. He is a qualified Chartered Accountant and has earlier worked with Ernst & Young during his more-than-a-decade-long career. His area of core expertise includes revenue assurance, statutory/tax/interim audit of information technology/information technology enabled services and e-commerce companies, transfer pricing certification, and financial due diligence. Himanshu also specializes in performing virtual Chief Financial Officer roles, wherein he manages all financial and compliance related domains.

He has a vast experience of leading and assisting in statutory and tax audits of 50+ Fortune 500 companies in the telecom, information technology, and e-commerce sectors. He has also assisted multinational companies in alternative investment market (AIM) listing including preparation and reinstatement of financial statements in international financial reporting standards for filing with AIM admission document and preparation of comfort letters submitted to Merchant Bankers. He has also assisted large private equities in inbound investment structuring including identification of suitable jurisdiction, holding/investment structure, and forms of entity at various levels/jurisdictions.