Companies Act casts the responsibilities on statutory auditors to state in audit reports whether a company maintains adequate internal financial controls and the operating effectiveness of such controls. We offer the following services in this domain:

Education and Training

Educate Audit Committee and C-level executives on internal financial controls and factors to consider when determining the control framework.

Readiness/Gap Assessment

Assess existing state processes, control activities and available internal control documentation; Mapping with the internal control framework elements; Provide advice and recommendations on potential gaps, including potential efficiencies and enhancements to business and IT processes.

Implement Controls or Process Improvements

Assist in implementing new processes and controls or enhancing existing processes and controls in:

• Risk assessment, including fraud risk assessment 
• Information quality, including Information Produced by Entity 
• Monitoring and oversight of third party service providers 
• Precision of management review type controls 
• Use of analytics in the context of control activities and monitoring

Integrate Control Framework into Other Functions

Evaluate the effectiveness of other functions like Internal Audit, Regulatory in meeting the control framework requirements.

Assist the function in integrating the control framework into existing processes, methods and documentation.

Advise management on potential opportunities to leverage control framework in other operational or compliance functions.