Value added Audit and Advisory Services

An integrated review of Operational, Reporting and compliance at all levels, from process level to entity level. This service is aimed to supplement business strategy by providing economical evaluation of efficiency and effectiveness of deployed resource, process, policies. Also, such services assist in assessing risk and resilience. This includes 360-degree review of significant aspects of an entity such as business operations, financial operations and reporting, IT general controls, business continuity and crisis management, supply chain management, operating expenditures, talent management, compliance management, and more.

The coverage could include but not limited to the following:

• Review of Corporate Governance
• Review of business processes and evaluation of performance indicators
• Assessment of various types of potential risks including fraud risk
• Review of adequacy, efficiency and operating effectiveness of established Internal Controls including ITGC
• Review of third-party service organization’s control framework
• Assistance in business asset safeguarding including identifying and preventing of financial leakages

Project assurance is an essential part of effective project governance. The project audit provides assurance and confidence to the sponsors and stakeholders that the governance is working and the project is managed as intended. Such audit seeks evidence of effective controls and opportunities to increase the likelihood of success of the project. The audit will cover the following:

• Project objective and requirements management
• Project organisation and governance
• Management of risks
• Commercial, Procurements and Commissioning
• Configuration management, project change controls and the PMO
• Project Planning and Scheduling
• Performance management
• Stakeholder management and communications
• Environment, Health and Safety

It assesses current processes and procedures, it identifies areas where a company can improve its operations, allowing it to make the changes that make its processes more efficient, effective and economical. It looks beyond the organisations financial circumstances and examines its management practices. Rather than performing a traditional audit due to an issue occurring, the operational audit examines business areas that may benefit from process improvements. It also provides insights on upside of a risk.

Our operational audit service ranges from audit of a specific function to audit at an organizational level.

Social Audit helps the organization to set up measurement criteria for its social impact, account for its social performance, report on that performance and draw up action plans to improve that performance. The Audit ensures compliance with Social Auditing and Reporting Standards. It is also key in mapping stakeholders and relevant social Indicators. The Social Audit helps entities in assessing the physical and financial gaps between needs and resources available to meet targeted social objectives.

The audit will cover the following:

• Labour, Environment, Health and Safety Laws’ Compliances as per Labour Code and other applicable rules/regulations.
• Compliance with International Labour standards issued by International Labour Organisation.
• Adherence to compliances as per Companies Act, 2013 (CSR Provisions, CSR-2 Form, CSR Impact Assessment) and necessary disclosure requirements.
• CSR Project effectiveness and efficiency measurement through audit
• Social due diligence and Impact Assessment Report (Grievance and redressal mechanisms, Non-discriminatory practices)
• Aligning the business and functional objectives with international frameworks for social auditing and reporting.
• A corrective action plan for non-compliances observed during the course of audit
• Training and education necessary for appropriate reporting and compliances
• An Audit Report detailing the findings and corrective action plan with specific deadlines.

Understanding organizational vulnerabilities and establishing an appropriate framework to identify and respond to them have become more essential than ever in today’s context, as regulators are demanding more active management and investigation for a wide range of risks, including financial crime, fraud and corruption.

Our risk advisory service aims to foster proactive risk management culture aligned with business objective. The support ranges from operational risk management to enterprise risk management. We also assist in designing data driven dash boards by establishing key performance indicators, key risk indicators, risk parameters. Such support also extends to monitoring and testing post implementation of the framework.

• ERM Framework set up - It involves identifying organisation vision, mission, objective, assistance in establishing risk appetite, identification of existing and potential risks; assessing such risks, evaluating existing controls; support in deciding risks that need to be managed, prioritisation; and assisting design of customised measures to manage risks including design of control system.
• IFC / SOX Framework Set up - Design of internal control system including development of customised policies and procedures.
• IFC / SOX Review - Review of adequacy of the internal financial controls system over financial reporting and the operating effectiveness of such controls.

Processes are the nucleus to every business. Be it be onboarding a resource or deciding on credit limit for a customer, data need to flow through in a certain sequence until the task is done.

Business process mapping is a holistic approach that enables to visually depict process steps and show how a process should function from start to finish. It identifies exactly who is responsible for a particular task, when does each task occur, what is the sequence of tasks, who are stakeholders for each deliverable, what are the SLAs, how aligned are the objectives across the organisation, what are the critical success factors, what potential risks might emerge, what is the frequency of evaluation and monitoring.

This simplifies the processes and eliminates redundancies to make it more efficient, effective and economical.

Our BPM service covers

• Alignment of task objective to larger business goals
• Designing business process map from organisation level drilled down to task level
• Standardising processes and systems
• Establishing a clear communication channel among people, processes and systems
• Support in business in process transformations
• Establishment of performance measures

Our business advisory service includes:

• Accounting and Reporting advisory,
• Adoption of new accounting standards and impact assessment.
• Insight and Cost control,
• Working capital management,
• Revenue Assurance,
• Control Self-Assessment.