Boosting the worth and viability of the inward review work requires a comprehension of an association’s targets, chances, hazard the board needs, administrative climate, and the assorted necessities of basic partners including leader the executives, the board, review councils, representatives, and investors. Eventually, these necessities decide the danger profile of the association and the essential focal point of the association, assets and practices expected of its interior review division.
We can help you in following situations:
- You’re concerned that your internal audit function can’t keep up with the changing risks facing your business.
- You find it difficult to recruit and retain internal audit professionals in all of your key skill areas.
- You need to supplement your in-house internal audit function with specialist skills.
- Your internal audit function has insufficient resources to cover the geographic scope of your organization.
- Your organization considers internal audit to be a non-core activity so you want to find an external provider.
- You need to assess the effectiveness of your risk management, internal audit, and corporate governance procedures.
What We do:
We provide complete Internal Audit Services and perform internal audits with extreme quality. Our team is expert in:
- Initial planning of the job, walk through of system, identifying risky areas and preparing Systems Flow Charts.
- Assessment of control risk and designing the tests of controls for specific areas in consultation with the engagement manager.
- Conduct stock takes at the end of each month.
- Preparation of Quantitative Accounts and reconcile the Accounts with Production Reports, Sales Reports, Stock Reports and Yield Reports.
- Check the reconciliation of Daily Store Receipt with Purchase Order, Delivery Challan, Gate Arrival Report, Store Receipt Report and all the relevant documents.
- Power cost verification through checking of monthly powerhouse consumption, power generation, loads on machines, bills calculations.
- Verification of production and efficiency with standards.
- Wages and overtime control through checking employees’ strength with approved strength, overtime calculations and employees’ attendance records.
- Verification and analysis of sales and trade receivables by reconciliation dispatches with gate passes and loading bills.
- Verification of cash in hand through surprise cash counts.
- Verification of cash payments and checking bank reconciliations.
- Checking insurance policies to ensure that all assets (property, plant & equipment, inventories and cash) are properly insured for the risks pertaining to these assets.
- Comparison and analysis of expenses with approved limits and budgets.
- Verification of advance payments & settlement of advances.
- Verification of payments to suppliers and deduction & deposit of WHT.
- Determine compliance with Companies Ordinances 1984 (replaced by Companies Act, 2017), Income Tax Ordinance 2001 and Sales Tax Act 1990.
- Verification of Monthly Management Accounts and preparation of Monthly Operational Audit Reports.
- And all other internal audit functions related to accounts / finance / I.T and HR.