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.

Hospitality Sector | Audit & Tax Services |Felix Advisory, India

The hospitality industry is flourishing at a rapid rate and is one of the main contributors to economic growth in the services sector. With the rising number of middle-class Indians traveling to different places within and outside India, hotel chains and resorts are adopting aggressive marketing strategies to promote sales and accelerate growth. This has led to several startups adopting innovative business models and asset lite models. At Felix, we have worked with a variety of clients in this sector ranging from giants of the industry to the high growth startups helping them with issues like revenue leakage, lack of skilled labor, increase in utility costs, dynamic taxation regime, etc. with our following services:

Management Audits and Business Intelligence

The hotel business is a hub of valuable data that can be used to predict future performance and make effective decisions. However, many businesses in this sector still rely heavily on manual reporting processes that are time-consuming and that might not be completely accurate. Hence, we have worked together with India’s top hotel chains and have prevented revenue leakages through regular stringent audits. These audits have helped the brand to identify discrepancies and replace their manual processes with efficient digital monitoring systems.

Adapting Business Models

Traditional lodges and resorts are now gradually realizing the importance of adopting best practices and processes. Hotels and lodges are now focusing on staying competitive by enhancing customer experience and reducing costs by various means. Our team of experts has worked closely with leading hospitality chains as well as asset lite businesses in the sharing economy to support and advice on the implementation of innovative processes and procedures specific to adopted business models to cater to the changing needs of consumers.

Tax Compliance

With the enforcement of goods and services tax (GST), hospitality chains and companies are now required to file taxes regularly. Although GST has benefitted the hospitality industry by reducing business transaction costs and integrating taxes, it has also created issues for resort owners and lodge owners from the standpoint of compliance execution. This is where we come in. In addition to other tax and compliance-related work, we collaborate with our clients to simplify the tax compliance process by conducting regular audits and handling tax compliance operations from start to finish.