Internal / Management Audits

We specialize in Internal/Management Audits, which are primarily conducted in order to provide the client's management with a clear, comprehensive and unbiased analysis of the functional efficiency of the organization and to suggest possible areas for improvements. We strongly believe in Internal/Management Audits being a value addition exercise rather than a mere compliance exercise.

We firmly believe in providing value added services through highest levels of professional competency and integrity to its clients. Our Internal/Management Audit services are designed to suit the individual client specific needs. It provides assistance to clients in managing their key business concerns, be it achieving strategic business goals, meeting operational challenges, complying with regulatory norms or managing reporting requirements.

Keeping in mind the Risk Management framework, our internal / management audits adopt "Risk Based Audit" approach and other tools and techniques for accomplishing the audit objectives.

Our Internal/Management audits focus on

• Critical evaluation of internal controls adopted by organizations and suggesting areas for strengthening.
• Review of existing business processes, policies and practices with a view to suggest best practices, including athorough benchmarking exercise.
• Review of Risk Management Framework and its effectiveness with a view to provide suggestions for strengtheningthe same.
• Constructive review of operations by keeping the client's business needs in focus.
• Identification and recommendation of areas for cost reduction, revenue optimization and improvement inoperational efficiency followed by assistance in their implementation.
• Providing result oriented and practical solutions followed by support for its implementation.
• Confirmation of proper compliance with the various regulatory provisions and operational manuals.
• Assisting in meeting the clients' Corporate Governance requirements.

Our services include

• Complete outsourcing of internal audit function.
• Co-sourcing and supplementing internal audit function along with the existing capabilities of the client organization.
• Deputation of personnel to strengthen the internal audit function of client organization.
• Conducting concurrent audits with dedicated teams for more focused transaction audits as well as on-lineauditing/pre-payment audits
• Conducting operational audits through review of business operations, activities, etc.
• Conducting special purpose investigative audits.

Advantage Mensk

• Dedicated team of personnel for Internal / Management audits of 200 personnel having the requisite experienceand skills.
• Usage of latest audit tools, well researched checklists resulting in reduced audit turn-around time, use of riskbased audit approach , statistical sampling and Computer Assisted Audit Techniques (CAATs) resulting in increased effectiveness of audits.
• Servicing a wide client base in a range of industries such as manufacturers, software, information technology andIT enabled services, entertainment, healthcare, retail chains etc.
• Extensive experience in advisory, taxation and accounting matters across various industries and service verticals.
• Multi-disciplinary team of professionals comprising of Chartered Accountants, MBAs, Engineers, CompanySecretaries, Cost Accountants and Law graduates.

Enterprise Risk Management

Enterprise Risk Management (ERM) is a systematic and methodical approach to identifying and managing an organization's business risks. Enterprise Risk Management provides a practical and time tested method:

• To align risk appetite with strategic goals.
• To deploy resources more efficiently & effectively.
• To reduce operational losses.
• To improve risk response.

In the wake of dynamic market conditions and regulatory initiatives, protecting shareholders' interests is becoming a top priority for managements across various industries. Today's businesses across the globe increasingly seek better decision-making capabilities, greater shareholder value and stronger internal controls in order to attain greater shareholder value. External perceptions of a company are affected by the risks it faces and the manner in which these risks are managed. While no business is immune to risks, managing them to create a sustainable shareholder value is the critical challenge. Businesses need to have an approach to meet this challenge.

Regulatory requirement

Clause 49 of the Securities and Exchange Board of India (SEBI) Listing agreement, which came into effect on January 1, 2006, says:

"The Company shall lay down procedures to inform board members about the risk assessment and minimization procedures. These procedures shall be periodically reviewed to ensure that executive management controls risk through means of a properly defined framework."

The clause also makes the CEO/CFO certification on Internal Controls mandatory.

The Solution

The solution lies in having an enterprise wide initiative involving all levels of management and steered by the Board of Directors is the need of the hour. A well-defined Internal Control Framework (ICF) and structured approach to risk management i.e. ERM not only limits the damage to the company but also enables it to capture opportunities well in advance.

Benefits

Potential benefits of adopting an integrated approach to Internal Control and Enterprise Risk Management (ERM) frameworks include:

• Development of a comprehensive understanding of risks across all levels within the organization.
• Improvement in ability to prevent, quickly detects, correct and escalate critical risk issues.
• Alignment in risk appetite and corporate strategy.
• Improvement in risk responses and reduce operational surprises and losses
• Enhancement of comfort level of board and other stakeholders that critical risks have been identified and are beingmanaged in a systematic manner.

What We Do

We can help your company address risk in several key areas, including:

• Risk Management
• Policy and Framework designing
• Risk Identification
• Risk Assessment
• Internal control assessment
• Process improvement and operational effectiveness
• Security and Technology solutions (IT business risk management, data management and information security)
• Audit and Compliance
• Fraud and Antifraud Programs (Detection as well as Prevention).

Advantage Mensk

• Structured approach and methodology based on recognized global frameworks etc.
• Skilled Risk Management professionals with extensive experience in ERM deliverables.
• Extensive experience in advisory, taxation and accounting matters across various industries and service verticals.
• Multi-disciplinary team of professionals comprising of Chartered Accountants, MBAs, Engineers, CompanySecretaries, Cost Accountants and Law graduates.