Risk Advisory & Assurance services are structured to minimize the risk that the organizations usually encounter in the normal course of business whereas assurance services help to increase the quality of information which in turn enhances the confidence of the various stakeholders.
Every business in some or another way has to go through the myriad of challenges that are inevitable in nature. However, with the right strategy and plan, these challenges can be mitigated which in turn minimize their impact on the business operations and revenue.
Businesses need to go above the pool of uncertainties having an adverse implication on the activities that we value. To mitigate and come ahead of the same, it is important to develop the strategies and organizational structures that can achieve the strategic business objectives through proper internal control systems.
There are various functions that are covered under the Risk Advisory & Assurance that cater to business practices.
Internal auditing is the basic critical analysis of an organization’s internal management from different aspects. An effective internal audit primarily involves the evaluation & assessment of key operational areas of an organization like financials, accounting, security & strategic business to check the competency & efficiency at different levels. Thus it assists organizations to improve the efficiency of operations, compose a strategy for risks, and protect assets, provide objective insight, ensure compliance with laws and Regulations.
An Internal Auditor is responsible for the number of operations starting from monitoring, analyzing, and assessing the risk with an unbiased vision & knowledge to make the controls more tight-knit for smooth handling of risks. It all implies the role of the internal auditor which is highly crucial in terms of fast pace analysis with an unmistakable accuracy.
This can be defined as the assessment of the efficiency of the managers and the corporate structure for accomplishing the goals of the organization. It helps in the identification of the existing and potential management weaknesses and recommending the best possible ways to resolve the identified weaknesses.
A management auditor needs to be more result-oriented to accomplish its role & come up with practical solutions followed by support for its implementation and timely review. In the end, the better quality of solution & faster review leads to fast pacing the timeline of the process which results in restricting the risks as soon as possible.
Risk management is restricting the threats to the organization through a comprehensive set of actions of identification and assessment. Today business is continuously changing and is quite unpredictable, volatile, and vulnerable to risks. This enables business organizations to deal with risks by reducing their likelihood or downside impact and helps them to achieve their corporate objectives by associating our experienced professionals in risk mitigation for businesses.
Our understanding of your business, coupled with our global experience and industry-specific knowledge enables us to develop and advise on the unique risk management solutions that generate opportunities that affix an indelible value to clientele's business & also gives a heads up to progress with self-reliance.
SOPs are the documented work instructions that list all the steps that are to be carried out to perform a specific process. It includes end to end level mapping of processes and adjusting according to the complexity and the nature of the organizational structure.
Laid out SOPs help in the fixation of responsibilities and bring the clarity of roles to be performed by the employees of the organization for performing the hassle-free task.
Cash Burn Audit is defined as the review of the entity’s records as a whole including obtaining an understanding of the business and its internal controls with an objective to plug out the matters leading to an improper utilization/and or non-generation of cash, minimizing the uses of cash that can be avoided.
Cash is a lifeblood of an organization. Poor and un-effective management do the same to the organization that the termite does to a large piece of wood.
The procedures performed include analyzing the banking transactions using the company’s records, testing the controls deployed over the usage of cash/payments, availing of the incentives, and subsidies provided by the statutory authorities and plugging out the cash outflows due to violation of statutory compliances.
ICFR testing refers to the review of the controls laid out by the organizations with regards to the adequacy and the effectiveness of its operations providing a reasonable assurance as to the reliability of financial reporting and preparation of financial statements.
Whereas the internal financial controls (IFC) is wider in scope that is mandatory for all the listed companies, covering the review of the controls that are widespread across the entity including the controls placed over the financial statement’s preparation and reliability.
ASC’s professionals are equipped with the necessary knowledge and skillsets to help companies achieve their vision, deal with the risks that could unbalance their business existence, and enhance the confidence of the stakeholders through experienced independent professional evaluations.
ASC Group accomplishes a suitable harmony between risk & reward for our clients & proceed to construct, and enhance the risk management abilities that assist in delivering development plans in a controlled environment. Hence we provide with a wide range of Risk Advisory & Assurance services flowingly which are: