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Internal Audit

An Internal audit is an examination of the manner in which an organization conducts business, with the objective of pointing out improvements that will increase its efficiency and effectiveness. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.

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Successful organisations recognise that an effective internal audit service can make a very positive contribution to the management of risk and the smooth operation of the business.

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Our Internal Audit consists of review of both operations and financial functions of an organisation.

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Operational Review

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ThinkCFO, Operational Audit services help boards and senior executives better manage enterprise risks. We help organizations enhance the effectiveness, quality, and value received from internal audit.

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We provide the following main services under the Internal Audit function:

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  • Develop or enhance policies and procedures manuals to improve the internal control environment within the organisation.

  • Advising on how to manage core operational risks, especially those related to the reliability of business operations.

  • Developing actionable strategic plans to align internal audit with corporate goals.

  • Assist in enhancing operational efficiency and cost reduction to improve an organisation’s competitiveness.

  • Identification and implementation of ERP

  • Implementing critical SOPs

  • HR and manpower (leave – travel – authority/responsibility matrix)

  • Vetting of Legal Contracts and Other policies

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Financial Review

 

Our Financial Audit focuses on accounting and reporting of financial transactions, including commitments, authorizations, receipt, and disbursement of funds. This type of audit verifies that there are sufficient controls over cash and other assets, and that there are adequate process controls over the acquisition and use of resources.

 

We verify the following in financial audit services:

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  • Checking the books of accounts at the Clients place.

  • Verifying that correct accounting principles have been adopted while accounting.

  • Operational Software and Accounting Software are aligned with each other

  • Rectification entries if any have been given effect

  • Review of Bank reconciliation statements

  • Review of Vendor reconciliation statements

  • Complete Ledger Scrutiny of Books of Accounts

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