Before inducing any investments: If you are planning to invite individuals or other companies to make investments in your company, then they may be willing to know about the company’s performance and efficiency, which can be provided in the audit report prepared before inducing investments which will reflect all the required details to the investors.
When mistakes are detected: If you detect any kind of errors in your books or records, then you will have to conduct an Internal Audit in order to assess where that error occurred and to take correct measures to solve it as soon as possible.
Irregularities in cash flow: If there are any irregularities in the cash flow management. Sometimes the cost may be more than the expectations of the management which can cause huge losses and affect the smooth flow of cash and profits. So to ensure the smooth flow of cash you may conduct an internal audit to control the unwanted flow of cash.
