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Internal Audit    Control Self Assessment   Process Improvement  MIS

Assurance
Internal Audit today is fast becoming recognized as a frontline service function in organisations which only a few years ago would be remembered when scams or frauds were identified. Today it has more teeth than what it ever had with its increasing visible independence from the executive management. As Audit Committees mature, this role shall only become more important. Apart from the integral role that is being envisaged in a number of Corporate Governance Reports that are being released, the management today is looking at ways and means of increasing the "value addition" from Internal Audit.
Structuring the Internal Audit Function

The challenges being faced by organisations - Boards, Audit Committees, Executive Management and Internal Auditors is 'How to' structure an Internal Audit Function that DELIVERS?

We believe in the Internal Audit Definition as outlined in the Competency Framework of Internal Audit, a research publication of the Institute of Internal Auditors, Florida, which is entirely functional in nature and recognizes the complexity of the environment within which businesses operate and thereby Internal Audit operates.

"Internal Auditing is a process by which an organisation gains assurance that the risk exposures it faces are understood and managed appropriately in dynamically changing environments."

The need today therefore is to "Proactively negotiate and / or construct the contexts within which internal auditing work will be conducted."(CFIA). The requirement is to have the right mix of competencies. (Competency includes knowledge, experience, skills, tasks, performance criteria, all combined in role performance. The skill set that is required can be categorized as - cognitive skills - technical, analytical, judgment and behavioral skills - personal, interpersonal and organizational.)

The related standards involve an appropriate linkage between tasks to be performed, the contexts in which tasks are to be performed, specified performance criteria and individual attributes applied in the performance.

Our consultants bring to the assignments, wide experience in not just audit execution but also in assisting audit organisations to perform better. They have worked with Barry Leithhead - a leading Risk Management and Internal Audit professional and also one of the authors of the Competency Framework for Internal Auditing.

The structuring of the Internal Audit Function is based on the standards as per the Competency Framework and the "Standards for the Professional Practice of Internal Auditing" of IIA, Inc. Florida.

Our service delivery model seeks to -

  1. Identify and document expectations in the form of Focus Areas and an Audit Charter

  2. Reinforce the position of the function

  3. Profiling roles

  4. Conducting assurance reviews - We review an organization's Internal Auditing Department for evaluation of the Department's organisation, proficiency, scope, performance and management to tell whether it:

      • Meets the needs of the senior management and the Board of Directors

      • Meets the "Standards for the Professional Practice of Internal Auditing"

      • Operates efficiently and effectively

  5. Hiring and/or Training audit team members - decide on co-sourcing opportunities

  6. Creating an Accountability environment including identifying administrative functions

  7. Conduct International Control Frameworks - COSO and CoCo and Best Practices

  8. Prepare Internal Audit Manual - Structure the audit process and what to audit, priorities, subjects, issues

  9. Assist in identifying tools and facilitate its smooth introduction in the function

  10. Handhold as required for a few audits and

  11. Handover with annual quality assurance reviews  

The most appropriate type of structuring support for you will depend very much on how far advanced you are already towards a fully integrated capability. Call us to discuss your requirements.

Internal Audit Services

 

Our Internal Audit Services support our client organisations' efforts to focus on changing risks faced by them. Our expertise lies in providing a wide range of solutions to companies seeking to add value through their audit processes. We have adopted the COSO and CoCo control models in our audit practice.

We can support an organization's need for an excellent Internal Audit process through

  1. Co-sourcing by providing additional work hands or missing in-house expertise,

  2. Outsourcing the entire Internal Audit function.

We focus our energies on meeting the needs of all stakeholders by going beyond traditional internal audit services through the use of latest audit tools and factoring risk management in all our processes. We believe that Internal audit process should be a net revenue generating process and our activities are geared towards making the same a reality. We seek to ensure that Internal Audit plays an important role in reducing risk, creating cost efficiencies and increasing stakeholder value.

Information Systems are radically changing the work environment of all businesses. The need to build in sound security features to enable trouble free business operations is paramount in the circumstances. An assurance to the managements that the systems are operating as intended is of the highest order. Our professionals are geared to provide this assurance through conducting reviews of the Information Systems establishment using COBIT - Governance Standard for Information Control and Assurance from ISACA and relevant softwares.
CONTROL SELF ASSESSMENT

Control Self-Assessments (CSAs) assist organizations in evaluating their business controls through participation of all concerned people thus enabling buy ins of solutions identified. In a CSA project, information and views from the concerned employees are gathered, analyzed and reported with specific action plans that upgrade the control structure.

We support the Control improvement process through organizing and conducting CSA workshops within the organisation.

A usual CSA Process involves the following stages:

  1. Obtain Management Support
  2. Planning the workshop so that the same is in tune with organization's primary and secondary objectives
  3. Conduct Workshops with participation of all concerned.
  4. Analyze responses, summaries results and obtain general agreement to the conclusions and action plan
  5. Report issues discussed and action plans developed.
PROCESS IMPROVEMENT

Process Reviews and Documentation of Systems and Procedures

Earnings are a result of the management's capabilities in the discharge of the functions. The management builds the financial frame that leads to continuous earnings. The strength of the frame and a visible commitment to sustained earnings is reflected through the strength of its processes.

The organisation is structured to THINK processes as against a functional view with its contrary functional objectives. Through processes, strategic thinking becomes a way of life. We do not offer quick fix solutions. Delivery mechanisms need to be strong enough the pass the test of time. Consistency with Integrity of these mechanisms is necessary for consistent performance. Identification of process champions helps in maintaining the focus.

Our consultants go through a process of Mapping and then reviewing the existing processes vis-à-vis COSO Internal Control Framework with an effort towards simplification and standardization. During the review, clarity in roles is reviewed vis-à-vis its process orientation.

In keeping with the principle that "Nothing happens unless its on paper", we also document the improved systems and procedures with clearly identified Policies and Procedures and Control Checklists that also enable movement towards "Self Audit".

The final stage in such assignments is training schedules of varying duration as required under the given set of circumstances.

The most appropriate type of structuring support for you will depend very much on how far advanced you are already towards a fully integrated capability. Call us to discuss your requirements.
MIS
Information is the key to effective decision making in any organisation. Our MIS services enable organisations to avoid information overload and ensure the required information availability to the appropriate persons at the required time.

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