With the changing internal and external environment, businesses are under constant pressure to maintain the effectiveness of their processes and controls. Any failure in executing or managing critical operations can have a huge impact on the value of the organization. With an increase in corporate failures, there is an additional focus from regulators, financial institutions, and other stakeholders on the way various processes, controls and securities are being managed.
We provide a one-stop solution to our multiple clients on their risk and process needs. The team has an array of experts possessing industry-specific expertise.
Our Risk Advisory services help reflect and ask the following questions:
- Is risk being managed effectively?
- Is the company making progress towards its compliance goals?
- Are policies and procedures being applied correctly?
- Can the internal controls and processes be improved?
These vital issues are handled by our experienced professionals who look beyond the annual financial statement and answer successfully. Furthermore, we help to:
- Enhance and protect organizational value by providing risk-based and objective assurance through the delivery of high quality and distinctive internal audit services
- Assess the effectiveness of risk management, control and governance processes and to provide insight and recommendations that can enhance these processes
- Increase reliability of financial management and reporting;
- Ensure compliance with applicable laws and regulations
- Conducting fraud investigations to identify fraudulent acts and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
Detailed Coverage of Risk Advisory Functions
An operational control evaluates the performance of a particular function or department of the company to assess its efficiency and effectiveness. Internal controls and efficiencies may be evaluated during this type of audit. Some areas of operational controls include organizational structure, processes and procedures, accuracy of data, management and security of assets, staffing, and productivity.
Compliance function evaluates the company’s adherence to applicable laws, standards, regulations, policies and procedures. Compliance is done because of statutory requirements. While the function is done for regulatory reasons, the objectives are still to ensure adequate control over an important internal process.
Financial control is an independent evaluation performed for ensuring the fairness, accuracy, and reliability of financial data. The central objective is to ensure that the financial activity of the department, unit or area is completely and accurately reflected in the financial reports.
Investigative controls are undertaken due to reporting of unusual or suspicious activity. They are conducted to determine the extent of loss, assess weaknesses in controls and make recommendations for corrective actions.
It is conducted to review the efficiency of various business processes. It covers review of business processes, organization, or strategy.
This is conducted after an internal or external review report has been issued. The purpose of a follow-up control is to revisit a past audit’s recommendations and management’s action plans to determine if corrective actions were taken and are working.
Having comprehensive and up to date asset information is paramount to the success of any asset-intensive organization. This control service provides assurance to management about the present condition of assets/stock, their location, usability, estimated balance life of assets and their estimated present value.