Management Assurance (Auditing)
|Internal Audits & Statutory Audits
|Continuing globalization will increase the complexity of principles, regulations, and the
cultures in which organizations operate. Increasing litigation, legislation, and regulation
will carry important compliance implications. Ever growing competition will put even
more pressure on organizations to increase productivity. Reengineering, deregulation,
and other change-related activities will break down traditional hierarchical structures
and change organizational reporting relationships and management responsibilities.
Each of these phenomenon suggests new demands, challenges and opportunities for
the management and the board. Together they emphasize the need for effective,
dynamic and competent internal auditing function. Today internal auditing is critical for
strong corporate governance, risk management, effective internal control and efficient
An analysis to assess the costs and benefits to be derived by the organization from
Internal Audit should address several factors, like the structure of the organization, the
degree of autonomy of each operating unit, and your organization's overall culture and
management philosophy. An assessment also needs to be made of the control
environment within the organization, and the level of awareness of control issues
among both management and employees.
The Internal Audit function must increasingly contribute to the achievement of overall
corporate objectives while remaining an independent and valued voice.
We will help plan for and resolve all these issues, drawing on our in-depth knowledge of
best practice in structuring and organizing effective Internal Audit function.
- Determining the Audit Committee's and management's requirements and
- Furnishing Top management with analyses, appraisals, and counsel on activities
- Monitoring organizational ethics
- Determining the scope of the Internal Audit work
- Developing strategic and annual Internal Audit plans
- Defining working practices, including the Internal Audit methodology, risk
analysis model and audit software
- Establishing cost effective accountability and quality control standards
- Regular evaluations of the organization's system of control
- Assessing quality, economy and efficiency of operations.
- Effective reviews of operational and financial performance
- Continuous improvement strategies
|Quality Control Audits
|From traditional Internal Audit to world class Management Assurance, the role and
nature of Internal Audit is rapidly changing. Merely reviewing internal accounting
controls and compliance testing is not enough to satisfy today's management. Business
leaders expect their Internal Auditors to continually demonstrate how they can add
value to the organization.
An independent quality assurance review of the Internal Audit function provides an
effective means of assessing the performance, against the management's expectations
and best practices, which facilities the transition to world-class standards.
A Bansal Neeraj & Associates conducted Quality Control Audit is tailored to meet the
specific needs of an organization. It essentially encompasses:
- Assessing whether the internal audit focus and planning process reflect the
- Assessing whether there are clear reporting lines and that the whether the
structure and status of Internal Audit within the organization is appropriate
- Reviewing work methodologies to ensure that they comply with relevant
standards and current practices
|Our review is carried out by way of questionnaires, interviews with the Audit
Committee, Management and Internal Audit staff, observation and review of the
internal audit work. The results are reviewed and the key observations and
recommendations are then presented to the Audit Committee.
|As rational human beings we expect good governance in every facet of our life, in our
economy, in politics, in our social and cultural life. Every stakeholder in every kind of
enterprise (public or private or non-profit making or non profit service oriented
organization) expects good governance. With globalization and liberalization gaining
momentum, gone are the days of sheltered economies and totalitarian regimes where
market forces had hardly much to say.
Corporate governance refers to a combination of laws, regulations, procedures, implicit
rules and voluntary practices which enable companies to attract financial and human
capital, perform efficiently and maximize long term value for shareholders, while
respecting the aspect of multiple stakeholders.
Corporate governance rests on four pillars viz., transparency, full disclosure,
independent monitoring and being fair to all, especially to minority shareholders.
The corporate governance system has taken center stage in India after the issue of SEBI
guidelines and amendment of listing agreements of the various stock exchanges in
response thereto and amendment to the Companies Act.
|Our services include:
Periodic monitoring through internal audit
Adequate disclosure and transparency in reports
Formation of an independent audit committee for the board
Participation in board of directors of Companies, to ensure good corporate
governance, establishing healthy transparent business practices for the future.
- Effective Supervision
- Independent verification
- Balance in the Boardroom
- Sufficient number of non - executives directors who are independent of
the board, etc
- Maintenance and periodic review of the internal control system
|The prevalent corporate structure, culture and the management ethos of the corporate
sector also have an overwhelming influence on the nature of corporate governance.
The focus on capital markets-national as well as international- for mobilization of
resources has made corporate governance increasingly indispensable. Good Corporate
governance and vibrant capital markets are considered to be a sine-a-qua.
We at Bansal Neeraj & Associates help our clients in the most effective corporate
compliance methods in line with the guidelines issued.