Internal Audits
Vittoba is specialized in Internal/Management Audits which are primarily conducted in order to provide the client’s management a clear, comprehensive and unbiased analysis of the functional efficiency of the organization and to suggest possible areas for improvements. We at Vittoba strongly believe in Internal Audits being a value addition exercise rather than a mere compliance exercise.
Vittoba firmly believes in providing value added services through highest levels of professional competency and integrity to its clients. Our Internal 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 audits adopt “Risk Based Audit” (RBA) approach and other tools and techniques for accomplishing the audit objectives.
What Vittoba Offers :
Co-sourcing or outsourcing internal audit work can reduce costs, free up capital, and enhance your ability to focus on what you do best. It can also provide you with the ability to tap into specific skill sets, industry knowledge and global resources on an ‘as needed’ basis.
With organizations being driven to do more with less, the internal audit (IA) function has become a prime candidate for strategic sourcing. This can include outsourcing the entire function or just certain critical elements. Like many other functions, IA has become highly sophisticated and virtually a business in itself. Achieving effective IA capabilities requires a significant level of investment in skilled resources, methods, training and technical infrastructure.
Our Services Includes
- Complete outsourcing / co-sourcing of internal audit function, which helps to:
- Convert fixed costs to variable costs
- Gain access to highly skilled and experienced professionals
- Leverage effective knowledge sharing and thought leadership
- Obtain a fresh perspective and an added level of scrutiny
- Eliminate internal audit training and recruiting costs
- Enjoy greater staffing flexibility, especially as special projects arise
- Improve the effectiveness of your internal audit function
- Conducting Internal / Management audits, which helps to achieve :
- Convert fixed costs to variable costs
- Critical evaluation of internal controls and suggesting areas for strengthening
- Review of existing business processes, policies and practices with a view to suggest best practices, including a thorough benchmarking exercise.
- Review of Risk Management Framework and its effectiveness with a view to provide suggestions for strengthening the 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 in operational 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
- Conducting concurrent audits with dedicated teams for more focused transaction audits as well as on-line auditing/pre-payment audits
- Conducting operational audits through review of business operations, activities, etc
- Conducting special purpose investigative audits
- Techno Commercial Concurrent Reviews
Control Self-Assessment (CSA) :
CSA is the one of the enhanced risk management tools recommended by the Audit Committee Guidance Committee (ACGC) Guidelines. In the recent regulators’ push for audit committees to give an opinion on the state of internal controls and risk management systems of the organization, CSA is one of the effective tools that can provide the Board and the audit committee with a sustainable and defensible platform in developing an informed opinion.
We offer concepts and pragmatic approaches to CSA and we will work with you to tailor an approach that best deploys CSA in your organisation.
For any information / query regarding Internal Audit Services feel free to Contact Us.