The company is a leading manufacturer of castor based chemical products and the stock of the company is publicly traded. The company works under ERP (SAP) environment. The annual turnover of the company is more than INR 10 billion. Apart from the normal scope of internal audit, special focus is given to risk management (hedging of currencies and commodities), process review and inventory review.
Our client is a subsidiary of leading US business group engaged in manufacture of irrigation products. Our scope is focused stock audit on monthly basis and process review audit on quarterly basis.
The companies which are engaged in EPC contracts have sites which have several compliance requirements as part of statutory requirement or group’s specific practices. The firm has specialized services for reviewing the compliances of different sites as part of on-going process, post setup review or pre-closure audit. The firm has provided this service to large corporations for their sites all across the country. The sites included power projects and electric sub-stations.
The firm has conducted Business Process Audit of India’s leading Company in Media Research. The Company is a Joint Venture between two leading International Companies in the field of Media Research. It is India’s Largest Advertising, Tracking & Monitoring service provider having its five divisions offering services of monitoring and analysis of TV Channels, Radio and Print Media from various corners of the country. The firm’s exposure includes the study and review of the mapped processes, to identify the gaps & weaknesses and suggest improvements in the mapped processes to help company achieve its ultimate business objective.
The local authority is responsible for the civic infrastructure and administration of one of the largest cities of Gujarat. To augment the audit process of the municipal corporation the firm provided audit manuals, training and also risk analysis of various functions and processes. The process improvement included the budget monitoring and timely compliances. This process was integrated with the process of convergence of accounting of the municipal corporation from cash system to accrual system.
The firm has carried out internal audit of multi-location Asia’s largest Caustic soda manufacturer wherein the scope included pre-audit of designated transactions. This required allocation of dedicated onsite team with authorization rights in the ERP. The firm was instrumental in refining the process such that systems level controls were implemented in place of as manual controls. The reporting mechanism was also fine tuned to create the feedback loop for eliminating redundant or low risk observations from getting included in the final report.
The firm has experience of internal audit of a fertilizer and chemical company working in SAP environment. The internal audit scope includes reporting weaknesses in system and manual or compensating controls.
One of the world’s largest hydrocarbon multinational has its research division in India. The firm is appointed as internal auditor and as part of the process is also assigned the responsibility of developing an on-going control structure. In its new facility and setup, the firm is undertaking development of process and implementing comprehensive internal controls.
The firm is also internal auditor of a pharma research company engaged in research of pharmaceutical and drug delivery system. This company belongs to one of the top five Indian multinational having several locations in India and abroad.
One of the major world-leader in power and automation technology has a subsidiary in India set up as a listed Indian Company. The Group maintains its record through SAP (ERP system). Due to several reasons, the Group wished to have enhanced physical control over the transaction processing and implementation of the control environment effectively.
To implement the said control objective, a process of risk based transaction verification was implemented in the company since last 7 years. As part of the implementation process, the firm provided complete support not only in implementing the same, but also in executing the said assignment as Transaction Verification Auditor with dedicated on site team across the functions and locations. The firm is involved as the TVA since implementation and has helped the organization various transitions aimed at improving the efficiency of the entire transaction processing environment. The firm also provides support in completely centralizing the accounting process at one location.
The process to be followed by TVA has to be in line with the Internal Control-SOX requirements.
Over the period of years, the Firm has been able to devise most appropriate PIV strategy for various engineering, electrical, automobile and automotive component manufacturers. The Firm has experience of working on several platforms and inventory issue systems like Back Flush, Kanban, CPL, warehouse management, etc. Considering the group policy, the Firm has implemented an integrated process of providing support for the inventory counts on perpetual basis. The firm’s clients in this area include fortune 5 Automobile Manufacturer for their India Operations, all India operations of a Fortune 500 German Group in Automotive components, various locations of a European Fortune 500 Group engaged in power and automation technologies and several other smaller companies across the industry segments.
The firm has been able to show significant process improvement and enhanced controls across the organization with implementation of the process resulting into better recording of the inventory costs.
The firm provides comprehensive support to organization for updating their fixed asset records, carrying out physical verification of the fixed assets, reconciling the physical verification findings with the fixed assets registers and also in devising the system of generating, affixing and tagging the fixed asset numbers of an organization. The firm has worked for several large multi-nationals for providing this support. The assignment executed by the Company has provided required comfort to the external auditors of the Company / group under the Indian regulations and also under more stringent group policy.
Government sector in India generally follows cash system of accounting as opposed to the mercantile / accrual system of accounting. Under the requirement of international funding agencies many government bodies including local authorities are required to convert their accounts from cash system of accounting to the accrual based accounting. The firm was accordingly appointed for assisting a Local Authority in conversion of their accounts from the Cash basis of Accounting to Accrual basis of Accounting. The firm was able to successfully implement the project for the first year in record time of less than 6 months and the local authority received an award for best presented accounts award from the Union Urban Development Ministry, Government of India. Considering the success of the first project, the firm has been again appointed for subsequent years for the said project.
An MNC had complete loss access to the SAP past data due to certain legal and other issues and was therefore in urgent requirement to re-construct its entire data under SAP environment from the back-ups available with it. Our firm was appointed for the reconstruction of data. From available back up, we used unique methodology for uploading the data in the SAP ERP system. After the successful data Reconstruction Company is able to generate the required reports. This was done for FY 2005-2006 to 2009-2010. The firm was engaged for the entire reconstruction process and the scope included the reconciliation of the post reconstruction SAP generated reports with partially available physical records.
The Companies which implement SAP or other ERP systems, at times face problems including operational difficulties, sub-optimal usage of the ERP, control gaps, duplicaton of efforts, etc. These happen due to inaccurate / incomplete definition of needs or processes at the time of implementation or subsequent changes in processes / requirements or business needs. One of the clients of the Firm was facing operational difficulties resulting in incorrect or less than desirable result from SAP.
The Firm was appointed for GAP analysis in SAP ERP System primary in the MM Module of SAP. The Client has expressed the desire to carry out such exercise module-wise.
A multinational company (service provider) is providing services to another company (service recipient) in the area of Information Technology and software development. Our firm was appointed by service recipient company for conducting the ISO 27001 (Information security management systems – Requirements) compliance audit of Service Provider Company for different functional areas. Our firm conducted the said ISO audit and provided the report on the same in the line with the requirement of Client Company and ISO requirements.