Internal Audit
Internal and concurrent audits are most effective when they identify control gaps early and support corrective action. We help management teams review processes, transactions, monitoring mechanisms, and operating discipline on an ongoing basis.
Need for Internal Audit
- Increased size and complexity of businesses
- Enhanced compliance requirements
- Focus on risk management - understand risk exposure and internal controls to manage such risks
- Intensive use of information technology
- Need to create greater transparency, establish sound corporate governance
Concurrent Audit
Internal and concurrent audits are most effective when they identify control gaps early and support corrective action. We help management teams review processes, transactions, monitoring mechanisms, and operating discipline on an ongoing basis.
Need for Concurrent Audit
- Focus of statutory audit - mainly on finalization of financial statements.
- Lack of timely / periodical closure of books of accounts.
- Low quality of book / account keeping & lack of accuracy of financial reports specially at sub district level.
- Lack of follow up on Statutory audit observations leading to repetition of observations and hence lack of improvement in the systems.
- High amount of unadjusted advances and lack of periodical follow up carried to settle outstanding advances.
- Need of continuous handholding support to the finance staff in improvement of financial management and accounting systems.