INTERNAL AUDIT

Internal auditing activity is primarily directed at evaluating internal control so as to achieve the below objective

  • Effectiveness and efficiency of operations
  • Reliability of financial and management reporting
  • Compliance with laws and regulations
  • Safeguarding of Assets

The focus is to deliver 4C’s reporting/finding which are

  • Condition/Observation: What is the particular problem identified?
  • Cause/Root Cause: Why did the problem occur?
  • Consequence/Impact: What is the risk/negative outcome (or opportunity foregone) because of the finding?(May entail statutory/financial consequence)
  • Corrective action /Recommendations: What should management do about the finding?

COST RECOVERY AUDIT

As the name implies, we audit the business process, documents and other relevant information to find out the areas where costs can be recovered from vendors or any third party involved in the business.

Benefits of Cost Recovery Services

  • Incur costs only after get paid: You need to only pay after the cost recoveries are confirmed. Recovered overpayments are found money and add directly to a company’s bottom line, except for the percentage paid to the recovery auditor.
  • Measure the need of improvements: Rather than identifying vague concerns within a business process, a recovery audit finds quantified cash leakages within the process. Then depending on their materiality, allow the company’s management to assess whether it will work to improve its operations.
  • Learning of industry best practices: Such best practices come in the area of process, technology and people skills based on the auditor’s experience in various and similar companies systems.
  • Increase in profit without increase in sales: Most companies work under the model that if they can just increase sales, their profits will increase. As an alternative to increasing sales is recovering cost which cost recovery audit will do

PROCESS AUDIT

The service focuses on evaluating effectiveness, efficiency & economy of the process implemented in the business

Major Laws and activities covered:

  • Check whether the process are meeting the objective for which it is implemented
  • Check whether the process is eliminating all the waste
  • Save time and money
  • Check whether the cost of process is much lesser than the benefit derived