The capacity to take risk and execute it systematically enables an entity to earn returns. Analysing potential risk, its impact on the business, and its correlation with business processes helps an enterprise perform in a dynamic environment.
Apart from potential risks, it is important to review controls and compliance through technology-driven, high-quality assessments. Our team measures, controls, and mitigates risks and provides solutions tailored to your business.
We understand the client's business as management and review internal audit processes as auditors to provide practical value. Our offerings include control testing and control enhancement.
We look beyond financial statements at policies, procedures, operational controls, segregation of duties, and safeguarding of assets. With changing external and internal conditions, businesses need to keep their processes and controls effective.
Risk Based Internal Audit
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Tailored audit approach
Our risk-based internal audit approach is tailored to client requirements. We start by understanding management expectations, identifying the audit universe, and preparing the audit plan. Cross-checking work does not reflect lack of trust; it confirms accuracy, correctness, and compliance. The cost of non-compliance is far higher than the cost of compliance. We help define controls for specific risks and suggest working models to mitigate them. Our procedures are designed to provide cost-effective, risk-preventive solutions aligned with the organisation's mission, vision, culture, and operations. Our team is experienced with tech tools and audits under ERP environments, using data analytics and audit software for effective and efficient audits.
Pre Audit
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Preparation before the main audit
Thorough knowledge of the business and its processes is vital for a compliant and successful audit. Due diligence, including operational and financial checks, scrutiny of documents, and review of financial information subject to audit, gives you a clear picture of your finances beforehand.
Fraud Investigation & Risk Assessment
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Investigation audit
We provide reasonable assurance of an accurate and fair view of the financial aspects of the business. Identification of fraud requires detailed investigation beyond the scope of internal, external, and tax audits. Our team assists with investigation audits using investigative methods to assess probable fraud or violation, narrow down suspects, and prepare reports based on root cause analysis.
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Financial statement fraud
Financial statement fraud causes material misstatement when someone intentionally falsifies statements by omitting, adding, or misrepresenting facts to influence users of the financial statements.
Concurrent Audit
Statutory and tax audits are carried out yearly. To ensure periodic consistency in financial documentation, we conduct timely examination of financial statements through concurrent audit to confirm compliance with applicable guidelines. Apart from statutory compliance, this helps management review periodic performance and take corrective action.
Fixed Asset and Inventory Audit
Physical verification and valuation of assets determine inventory management effectiveness. Reconciliation of assets is critical to identify probable causes of pilferage or fraud early. Stock audit provides reasonable satisfaction on existence of stock, completeness of inventory reports, rights and obligations, correct valuation, and proper presentation and disclosures.
Forensic Accounting
We identify, document, and report inconsistencies within current management systems. We provide organisation-specific solutions that highlight critical areas for improvement. Apart from voluntary investigative audits, we offer forensic audits in line with Forensic Accounting and Investigation Standards (FAIS) issued by ICAI.
Process Review & Re-Engineering
Reviewing, revising, and revisiting business processes and controls periodically ensures they remain relevant to the size of the business, nature of the industry, and applicable laws. We help achieve business objectives through technology-driven process reviews, control assessment, and compliance benchmarking.
ERP Implementation Support
We assist clients in automating processes and establishing adequate system controls at the time of ERP implementation. This includes confirming that controls and requirements identified at the planning stage have been incorporated in the ERP.
Third Party Compliance
We review risks related to third parties associated with an organisation. This helps clients manage relationships with associated parties. Our offerings include:
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Vendor Review
Review of vendor-related compliance and risk.
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Customer Review
Review of customer-related compliance and risk.
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Dealer and Distributor Review
Review of dealer and distributor arrangements.
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Outlet / Store Audit
Audit of retail outlets and stores.
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Contract Compliance
Review of contract terms and compliance.