Management assurance covers two main aspects – Identification of risks related to management policies and examination of the effectiveness of the related internal controls.
We have a dedicated team of auditors, experts and consultants who help the organization in determining and planning areas of specific focus based on risk assessments. We perform certain audit and review activities, such as risk and control diagnostics for assisting the management in implementing and coordinating a process.
Post Investment Cash Burn Audit
Cash burn is a term categorically used where the cash flow from the business activities is negative rather than positive. Businesses, which have just commenced their operations, cannot manage to make a substantial revenue which can indemnify the expenses hence net cash inflow remains negative.
Angel Investors invest in a start-up with an intent of earning a return and want to keep a check on the inflows and outflows of the newly started business.
Especia Associates conducts a monthly audit and assurance process to analyse the following aspects –
Bank transactions by analysing the bank statements vis-à-vis supporting and vouchers,
Ensuring the efficient internal control by checking the policies of the company,
Tax planning so that exemptions and benefits for maximum tax savings.
Internal Controls & Compliances Audit
Internal control is an integral part of the management process and assists the organization to move forward and achieve objectives and the mission.
Our overview of the internal control effectiveness includes:
Analysing the maturity of overall control framework,
Checking the controls which are not designed effectively,
Assessing and testing the gaps in the processes of present framework,
Suggestions and recommendations to fill the gaps and improve the existing controls.
Training the staff to comply with the IFC framework through self-assessment and automation.
In the process, we compare the effectiveness of your internal control with the ideal internal control practices and then submit a detailed report with recommendations and findings so that you can develop a robust internal control environment.
Stock Audit is a physical verification of stock and inventory and a very important tool for strengthening the internal control system.We have a dedicated stock audit team who ensures accurate counting of physical stock and its comparison with book stock. Even at third part locations like out bounded warehouses, consignment agents and distributors, we can conduct a physical verification of stock on the company’s behalf.
We ensure to take care of following aspects while conducting the stock audit:
Stock in transit
Pilferage and old seasoned stock
Stock movement procedures
We document the stock by taking photographs and randomly check the inward and outward stock movement process to mitigate the risk of the discrepancy. Also, we analyse the stock movement registers to eliminate any error or fraud on the part of stock keepers.
Best Practices Review
In order to counter the ever-changing aggressive environment, keeping the better systems and processes in place is a prerequisite. We analyse “people, process and methodology” and provide recommendations on how a business can gain efficiencies, increase the business process coverage, expand the business, reduce the costs and reduce overall business risk.
Our workflow consists of following main steps:
Conducting the brainstorming sessions to identify the issues
Reviewing the documented business process
Identifying the variations
Determining the scale of impact of changes in current procedures
Interviewing the decisions makers to understand the objectives and mission
Implementing a refined and better business process
Not only implementing, we also ensure that the newer business process is continuously reviewed and adjusted to provide a positive impact.