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.

Saurabh Jain

Co-Founder
Accounting & Assurance

Saurabh, one of the Cofounding Partners at Felix, has 17 years of professional experience in the accounting and assurance domain. As a qualified Chartered Accountant, he has worked with the assurance practice of Big Four firms for over 13 years.

Saurabh has extensive experience in a wide spectrum of finance functions including compliance, reporting, and accounting advisory. He has worked closely with promoters/corporates in developing and evaluating business plans for determining financial objectives, operational risk consulting including evaluation of business risks, and developing policies and procedures to facilitate internal financial controls, thereby establishing sustainable processes to fill structural gaps.

Saurabh has worked with companies from different sectors including real estate, infrastructure, hospitality, information technology, etc. He has also worked with the Institute of Chartered Accountants of India for developing various guidance notes.