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The role of internal audit functions is undergoing a significant transformation, evolving into a more robust and agile tool in the hands of CFOs. While maintaining its core functions of controls and checks, internal audit services are becoming increasingly dynamic and sophisticated.
Today, internal audit services are shifting away from traditional, labor-intensive, and routine checks. Instead, they are harnessing the power of advanced control systems, supported by a range of computing and data mining tools. CFOs and heads of internal audit are actively collaborating to build a dynamic and results-oriented audit team that plays a pivotal role in guiding key business decisions.
Our organization has been a strategic partner for numerous companies, assisting them in enhancing the effectiveness of their internal audit processes. We offer a specialized portfolio of services tailored to meet the evolving needs of modern internal audit functions.
The internal audit function is undergoing a transformation, evolving into a more robust and agile tool at the disposal of CFOs. Its primary objective remains aiding and guiding the management team while still maintaining a strong focus on fundamental control and verification processes.
Internal audit services are no longer confined to traditional, labor-intensive checks; they are transitioning into advanced control systems supported by a range of computational and data analysis tools. Today, CFOs and heads of Internal Audit actively collaborate to build a dynamic and results-oriented audit team capable of providing valuable insights for critical business decisions.
We have been instrumental in partnering with numerous companies to enhance the effectiveness of their internal audit processes. Our portfolio of services is specifically designed to address these evolving needs in the field of internal audit.
As the demands on internal audit departments continue to grow, driven by increasing risks and compliance requirements, these departments often face challenges in terms of their capacity and resources. At this juncture, internal auditors and CFOs explore the option of co-sourcing to bolster the department's capabilities and enhance productivity without expanding the internal workforce.
We specialize in co-sourcing solutions, offering a comprehensive range of services. These services range from fundamental tasks like inventory verification within your own facilities and warehouses to scrutinizing claims at the distributor level and assessing damages at the retailer level. Our goal is to provide internal audit teams with the necessary expertise and support in conducting essential checks and controls.
Another crucial area where we excel in the co-sourcing realm is transforming data collected from various audits, assessments, verifications, and transactions into valuable insights using effective data management tools. This not only boosts productivity but also enhances the visibility of the internal audit department, all while maintaining cost-efficiency.
Leveraging the extensive experience of our internal audit professionals, we go a step further by offering industry best practices and benchmarks as part of our deliverables. This holistic approach ensures that our co-sourcing services contribute to the overall effectiveness and success of your internal audit efforts.
We specialize in helping our clients transform their internal audit function from a traditional, control-focused role into a proactive and process-driven function. Our team of experts is well-equipped to meet the ever-growing demands placed on internal audit departments. We collaborate effectively with internal audit teams, guiding them through a transformation into a function that prioritizes identifying and addressing issues within processes.
Through an in-depth process that begins with scrutinizing vendor contracts, extends to invoice analysis, and culminates with reviewing vendor statements, we have successfully identified and recovered funds that were previously overlooked and considered unrecoverable. Our analytics team utilizes the latest tools and techniques, combined with extensive experience, to uncover and recapture funds during these assessments. Some common scenarios where we have identified and recovered funds include missed credits for returned materials, price variance credits, unclaimed discounts and rebates, unprocessed credit memos, and payments for canceled invoices.
Operational or process auditing is a systematic and independent examination of an organization's processes, procedures, and systems to evaluate their effectiveness, efficiency, and compliance with established standards, regulations, and best practices. The primary goal of operational or process auditing is to identify areas for improvement, assess risks, and ensure that the organization's operations are running smoothly and in accordance with its objectives.
Here are some key aspects and principles of operational/process auditing:
Auditors need to clearly define the scope of the audit, including the specific processes or areas to be examined, objectives, and the audit's timeline.
Auditors should be independent of the processes being audited to ensure objectivity and impartiality in their assessments.
Identifying and evaluating potential risks associated with the audited processes is a critical step. This includes assessing both internal and external risks.
Auditors examine relevant documentation, including policies, procedures, records, and reports, to understand how processes are supposed to work and whether they are being followed.
Auditors may use various testing methods and sampling techniques to gather evidence and assess the effectiveness of controls and compliance.
Conducting interviews with personnel involved in the audited processes can provide valuable insights into how processes are executed and whether there are any issues or deviations.
Analyzing data related to the audited processes can help identify trends, anomalies, and areas that require further investigation.
Auditors evaluate whether the processes are in compliance with relevant laws, regulations, industry standards, and internal policies.
Auditors assess the efficiency of processes in terms of resource utilization and the effectiveness in achieving the desired outcomes.
After completing the audit, auditors prepare a detailed report that includes findings, recommendations, and action plans for improvement. The report is typically shared with management and relevant stakeholders.
It's important to monitor and follow up on the implementation of recommendations and actions identified in the audit report to ensure that necessary improvements are made.
The audit process itself should be subject to continuous improvement, with lessons learned from each audit applied to enhance future auditing processes.
Operational/process auditing can be applied to various aspects of an organization, including financial processes, supply chain management, human resources, information technology, and more. It serves as a valuable tool for organizations to ensure accountability, transparency, and efficiency in their operations while mitigating risks and enhancing overall performance.
Monday - Saturday
10:00 AM - 07: 00 PM
Phone Number
+91 8884444788
Corporate office
567/1, Burugal Mutt Road, VV Puram, Bangalore