Internal Audit

Internal audit is conducted by an internal audit function (in-house team) or outsourced to a firm. It examines risk management, internal controls, governance processes, and compliance with policies. Section 138 of the Companies Act makes internal audit compulsory for prescribed classes (listed companies, unlisted public companies with paid-up capital above ₹50 crore, private companies with paid-up capital above ₹200 crore, and all companies with turnover above ₹200 crore).