The risk-taking capacity and its systematic execution enable the entity to earn an excessive return. Analyzing the potential risk, its impact on the business and its correlation with the business processes help an enterprise gain the most out of the dynamic environment. Apart from potential risks, it is crucial to perform a comprehensive analysis of the risks involved in the enterprise’s present structure and to find ways to mitigate those risks. Through an Enterprise Risk Management (ERM) approach, our team measures, controls, and mitigates risks and provides you with solutions that are tailor-made to your business.
The following are the sub-services we offer under Risk Assessment:
Cross-checking someone’s work doesn’t reflect the lack of trust, instead it attests to the accuracy, correctness, and compliance. It is substantial since the cost of non-compliance is way higher than the cost of compliance. Our team understands the core of the business, designs the standard operating procedure, the system to implement it, and keeps a check on it. We provide internal auditing services and help organizations develop their own internal auditing system by guiding them on identification, documentation, and testing procedures. Our procedures are designed to render cost-effective and risk preventive solutions that are in congruence with the organization’s mission, vision, culture, and operations.
Thorough knowledge of business and its process is vital to have a compliant and successful audit. Due diligence, including operational and financial due diligence, checklists, extensive scrutiny of the documents, and financial information subjected to an audit, enables you to have a clear picture of your finances beforehand.
In our audits, we provide reasonable assurance of an accurate and fair view of the financial aspects of the business. However, it refrains from giving the absolute assurance that the entity is free from any existing or probable fraud. Identification of fraud requires more detailed investigation, which is out of the scope of internal, external, and tax audits. Our detail-oriented team specifically assists you with investigations audit wherein we employ high-level investigative methods to decipher a probable fraud/violation. We narrow down possible suspects and build an in-depth report based on root cause analysis based on the tip.
Statutory and Tax audits are carried yearly except for Limited Reviews for Public Companies. However, to ensure the periodic consistency in financial documentation, we conduct a timely examination of the financial statements through a contemporaneous concurrent audit to ensure compliance with various set guidelines. Apart from statutory compliance, it enables the management to review the periodic performance and make corrective strategies that will enable the entity to combat against the changed framework.
Since assets are pretty valuable, physical verification and valuation of assets determine an organization’s inventory management effectiveness. Reconciliation of the assets is also critical to early identify probable causes of pilferage or fraud. The stock audit ensures reasonable satisfaction of audit assertions such as the existence of stock, completeness of inventory reports, rights and obligations of the inventory as on the date of audit, correct valuation, and proper presentation and disclosures.
Since the data is maintained on cloud in the digital era, organizations must have a reinforced Information System. We conduct a detailed ascertainment of the ubiquitous IT infrastructure. Information System Development (ISD) is crucial to identify and mitigate inherent risk areas that hinder financial reporting and information transfer. The system designed by our team is based on the black-box and white-box concepts. The rigorous application of the system and its audit enables the management to establish good data management, its security and sound internal control system.
We identify, document, and report inconsistencies within the current management systems. We organization-specific solutions that highlight critical areas of improvement, enabling you to strategize and devise a long-term strategy for your business. Apart from voluntary investigative audits to mitigate probable frauds, we offer forensic audits that comply with Forensic Accounting and Investigation Standards (FAIS) issued by The Institute of Chartered Accountants of India concerning Forensic Accounting and Fraud Detection.
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