SCOPE
What the work covers
Internal audit and control review
Assessment of the design and operation of controls over key processes.
Internal financial controls
Documentation and testing of internal financial controls for companies.
Process risk assessment
Identification of risks in purchase, sales, payroll, inventory and cash processes.
Policies and SOPs
Drafting of delegation of authority, policies and standard operating procedures.
Fraud risk review
Review of areas exposed to error or fraud and the controls over them.
Control testing
Periodic testing of controls and reporting to management or the board.
APPROACH
How matters are handled
Risk work starts with how the business operates in practice. Processes are walked through, controls are documented and tested, and gaps are reported with practical recommendations.
01
Plan
Scope, timelines and information required are agreed in writing.
02
Review
Records and information are examined and tested.
03
Discuss
Findings are discussed with management before reporting.
04
Report
A written report sets out findings and recommendations.
LAWS AND FORUMS
Framework and outputs
LAWS
Companies Act, 2013: internal financial controls
CARO 2020
Standards on Internal Audit issued by ICAI
TYPICAL OUTPUTS
Risk and control matrix
Process documentation and SOPs
Control testing reports
Recommendations to management
