This article highlights the significance of internal controls and internal audits in promoting compliance, safeguarding assets, and maintaining investor trust. It explores the legal obligations for internal audits under the Companies Act, 2013 and underscores how they enhance processes, mitigate risks, and ensure regulatory adherence. The critical areas of focus include: ‣ The Role of Internal Controls in Enhancing Corporate Efficiency and Compliance ‣ How Internal Audits Strengthen Internal Control Mechanisms ‣ Applicability of Internal Audit Requirements ‣ Common Deficiencies in Internal Control Systems ‣ Auditor-Identified Deficiencies in Internal Controls During the Audit of Listed Companies