INTERNAL AUDIT AND RISK ADVISORY SERVICES
The role of internal audit in governance has undergone complete transformation in the past decade and continues to undergo improvisation, innovation and digital transformation due to:
- Regulatory requirements for Internal Audit under the Companies Act, 2013, the Reserve Bank of India regulations and other regulations.
- Heightened governance expectations of stakeholders such as investors, lenders, regulators, business partners and other stakeholders.
- Governance crucial element of ESG and SEBI’s regulations regarding BRSR Core and third-party assurance announced in 2023.
- Better valuations and Access to Capital and governance “premium” and reputational risk due to extensive requirements of reporting for frauds and misreporting both under the Companies Act and the SEBI regulations.
- Meteoric rise of Indian businesses as Indian companies having annual revenues exceeding Rs. 200 crores (about US$ 25 million) require mandatory internal audit and rise of NewAge businesses.
Services
- Internal Audits
- End to End Process reviews, Concurrent and Operational Audits
- Techno- commercial Project Audits
- Information Systems Assurance, Cyber Security and Data Privacy Audits
- Designing Standard Operating Procedures (SOPs)
- Designing & Testing Corporate Governance Frameworks {Internal Financial Controls (IFC), ERM, FRM, SOX and Legal}
- Fraud & Forensic
- Operational Improvement Reviews (Energy costs / Logistics costs / others)
- Fixed Assets Management
- Legal and Regulatory Compliance Review
Approach
- Customized internal audit scope and plan keeping in view the business, risks, controls, value addition,stakeholders’ expectations and audit objectives
- Carefully selected team members with risk management expertise and supplemented by industry experts and subject matter experts
- Audit execution, fieldwork and constructive engagement with auditees
- Use of technology- audit management, Analytics, Automation, AI tools and reporting
- Audit observations and improvement opportunities; discussion with management and reporting to
- management, Chief Audit Executive and Audit Committee
Credentials
- Wide exposure across several industries and service sectors
- Dedicated team of over 1050 personnel including highly qualified and trained professionals viz. Chartered Accountants, Engineers, MBAs, CISA , Cost Accountants & IT professionals
- Use of domain and functional expertise for specific areas to be covered under internal audit
- Nationwide delivery capabilities through our own offices in 14 cities and over 100 cities across India through associates
- Global servicing capabilities in over 120 countries through RSM International network
- Process culture – SOPs, ISO 9001 & 27001 certification, global inspection and peer review
- Extensive use of well researched dynamic checklists, analytics and automation tools, and audit management tools for focused and efficient audit