Internal audit services are moving from a traditional control tool which relies on laborious, standard and mundane checks to advanced control systems assisted by multiple computing and data mining tools. CFOs and Internal Audit heads today are actively engaged in creating a dynamic and result focused audit team that will assist in key business decisions. We have been partnering a lot of companies in enhancing the effectiveness of their internal audit process through our portfolio of services specifically designed in this area.
Internal audit function is undergoing an evolution on account of the multiple demands being placed by the various stake holders. The internal audit team is now expected to uphold the highest standards of audit principles as well as partner the operations teams in delivering the value out of the business processes.
We offer through our combination of audit experts and data scientists, the ideal platform to improve the effectiveness of internal audit with high powered analytics.
We help in performing the same audit tasks at a higher speed without compromising on accuracy. We improve the efficiency of the audit function through standard tools thus ensuring generation of standardized data. This data helps our data scientists to analyse and arrive at insights which provide reliable information for decision making.
Analysing data from within the company, combining our expertise and knowledge spread across companies, we offer the advantage of identifying and choosing the best practices prevalent in the industry.
As the demands on the time of the internal audit departments keep growing with the every growing risk and compliance matters, the width and span of the department is put to severe stress.
This is the stage when the internal auditor or the CFO looks at the option of co sourcing to augment the strength of the department and improve productivity without expanding the internal manpower count.
We step into this area and offer a wide range of services from the basic inventory verification, to be conducted in the own plants and warehouses to verification of claims at the distributor point to the verification of damages at the retailer point. We provide the Internal Audit team with the requisite strength and expertise in the areas of basic checks and controls.
The next area where we are an able ally in the co-sourcing sphere is in the conversion of data gathered from our multiple audits/ assessments / verifications/ transactions into meaningful information through effective utilization of data management tools. This improves the productivity as well as the visibility of the internal audit department at a lower cost.
In view of the wide and rich experience of our internal audit resources, we are also able to offer industry best practices and bench marks as part of our deliverables.
We offer our specialized services in helping our clients transform the internal audit function from a mundane, control based function to a robust, proactive and process based function. With our team of experts, we are well placed to meet the ever increasing demands placed on the internal audit functions. We effectively partner the internal audit team and help them in their transformation to an issue and process based function.
With this deep dive process which commences with the vendor contracts to analyzing the invoices and culminating with the vendor statement, we have been able to realize and recover moneys that were hitherto not considered as due and hence not recovered. Our analytics team relies on the latest tools and techniques as well as the rich experience in this area, to uncover as well as recover moneys from these reviews. Some classical scenarios which are identified and moneys recovered are missed credits for material returned, price variance credits, unclaimed discounts and rebates, unprocessed credit memos and payments for cancelled invoice.
The traditional accounting relies on revenue recognition and contains country specific laws on the same. The reliance here is more on the time period in which the invoice is raised and revenues recognised in the books of accounts. Now corporates are insisting on the need to ensure that the revenues recognized are indeed the right revenues. This gives rise to the need of CFOs to assure the board and other stakeholders on the revenues that are booked in the statement of accounts.
The revenue assurance process is a great tool in the hands of the CFO to satisfy the internal as well as external stakeholders about the revenues recorded in the books of accounts.
We rely on extensive analytics to review the invoices, price changes, claimed raised by customers and various other parameters which impact the revenue. We undertake review of discount circulars for identifying under invoicing issues. Claims raised by customers are subjected to analysis to identify and eliminate cases of excess claims.