Internal Audit

• Systematic Evaluation: We thoroughly evaluate internal processes, controls, and risk management strategies to ensure they are functioning properly and meet regulatory requirements.

• Control Effectiveness: Evaluate the ability of internal controls to detect and prevent errors, fraud, or noncompliance. This include examining control procedures, monitoring systems, and testing transactions.

• Process Improvement: Identify areas for improvement in internal processes in order to increase efficiency, decrease risks, and comply with best practices. Recommendations are provided to optimize control mechanisms and operational procedures.

Internal Audit Transformation Service

In contemporary times business landscapes are rapidly changing. The role of internal audit is no longer limited to traditional compliance checks. Organizations across India and globe as well are now seeking ways to make their audit functions more agile, tech-enabled, and aligned with strategic goals.

Enterprises Risk Management

• Integrated Framework: Create and implement a comprehensive ERM framework for identifying, assessing, and managing risks throughout the enterprise. This paradigm links risk management with strategic objectives and business processes.
• Risk Identification and Assessment: Systematically identify and assess risks that may have an influence on the organization's objectives, such as financial, operational, strategic, and compliance issues
• Risk Response and Monitoring: Develop and implement risk response plans to reduce identified risks. Continuously assess risk exposure and the efficacy of risk management techniques, changing as necessary.

Risk and Control Registers

• Risk Registers: Establish and keep up-to-date comprehensive risk registers that list all known hazards, possible effects, and mitigating mechanisms. Effective risk management and internal auditing depend on these registers.
• Internal Controls: Create and keep up control registers that list the measures used to manage risks and guarantee that laws and regulations are followed. These registers are useful for monitoring the efficacy of controls and pinpointing areas in need of development.
• Reviews of ICFR: Review internal controls over financial reporting (ICFR) to make that the measures are in place and functioning properly to stop significant misstatements.

Process Designing and Documentation

• Process Development: Create Standard Operating Procedures (SOPs) by designing and writing them to record workflows, best practices, and procedures for important business operations. This guarantees uniformity, effectiveness, and adherence throughout the entire establishment.
• Process Optimization: To increase productivity overall, cut waste, and improve efficiency, review and optimize current processes. This could entail applying best practices, removing bottlenecks, and optimizing workflows.
• Documentation and Training: To guarantee that staff members comprehend and follow SOPs, prepare thorough documentation and offer training. This will promote a culture of compliance and ongoing development.

IFC/ICFR in India

• Design and Development: Create internal controls over financial reporting (ICFR) and internal financial controls (IFC) in accordance with the Companies Act of 2013. To do this, control structures that handle financial reporting risks and guarantee legal compliance must be established.
• Effectiveness Testing: Verify that the IFC and ICFR are operating as intended and offering a fair level of assurance regarding the correctness and dependability of financial statements by testing their design and operational effectiveness. Determine and fix any flaws or shortcomings in the control system.