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    Internal Audit

    Internal audit is independently testing whether the controls a company has written down are the controls it actually runs, and reporting the gap to the board.

    Service within Controllership

    How we help with Internal Audit

    Controls that exist only in the policy document are the ones that fail.

    1. Establish what is supposed to be happening

      The controls as designed: who approves what, at what limit, with what evidence. Most companies have never written this down in one place.

    2. Test what is actually happening

      Sample real transactions and follow them end to end. The gap between the policy and the practice is the finding, and it is almost never where management expects.

    3. Rank findings by what they could cost

      A missing signature on a small recurring payment matters less than an unmonitored bank mandate. The report is ordered by exposure rather than by how many instances were found.

    4. Close the loop

      Each finding gets an owner, a fix and a retest date. An audit that produces a report and no follow-up has measured the problem rather than reduced it.

    More services within Controllership

    Controls that exist only in the policy document are the ones that fail.

    Where we have done this

    SaaS

    Scaling a SaaS Platform to Series B

    Built the finance basics and the investor story that helped a software company serving one industry raise growth money from large funds.

    3.2x ARR growth in 18 months

    Consumer / D2C

    Building Investor Readiness for a D2C Brand

    Designed unit economics, cohort analytics, and a fundraising data room that anchored the next funding round.

    Closed oversubscribed Series A

    Manufacturing

    Operational Turnaround for a Manufacturing Scale-up

    Implemented financial controls, governance, and an FP&A function that restored margins and prepared the business for global expansion.

    240 bps margin expansion

    FAQ

    Questions founders ask about Internal Audit

    What is internal audit?

    It is independently testing whether the controls a company has written down are the controls it actually runs, and reporting the gap to the board or the audit committee. It is assurance, not accounting.

    How is it different from a statutory audit?

    A statutory audit gives an opinion on whether the financial statements are true and fair, for shareholders. Internal audit examines the processes that produce those numbers, for management. One looks at the output and the other at the machine.

    Is internal audit mandatory in India?

    For certain classes of company under the Companies Act, yes, based on turnover, borrowing and paid-up capital thresholds. Many companies that are not required to have it commission it anyway, usually before a raise or after a surprise.

    Will this be disruptive to the team?

    The fieldwork needs access to records and some time from process owners. Handled properly it is a few days spread over a few weeks, and the discomfort is usually about what is found rather than about the effort.

    What our research says about Internal Audit

    Audit adjustments to revenue have grown larger over the past two years, and nobody is tracking the trend.

    Srikar Kedarisetty, in Revenue Recognition Mistakes That Distort Reality

    The people behind Internal Audit

    Internal Audit is run by the studio team: one multidisciplinary team whose pods work in tandem, matched to the sector and the stage the company is in.

    CA Mallavarjalla Mounika

    Due Diligence pod

    Led by CA Mallavarjalla Mounika

    Lead - Due Diligence & Assurance. Assesses risks and investment readiness.

    See the pod structure
    Studio TeamThe operators, investors and builders who run engagements end to end.Meet them

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