Internal Audit
Internal Audits That Find Gaps and Drive Corrective Action
5th Quadrant runs independent internal audits that identify control gaps, leakage, errors and process weaknesses — and track the corrective action through to closure.
Protect the business and improve the process, not just produce a report.
Sound familiar?
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.
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 about our Internal Audit Readiness Checklist when you get in touch.
Proof and trust
Built to Be Verified, Not Just Trusted
We're building out anonymised sample deliverables and case studies for this service. Ask us for examples relevant to your industry when you get in touch, and we'll walk you through our review controls and reporting frequency directly.
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.