Project Audit

Our project audit services provide a thorough evaluation of compliance, scope, budget, and schedule to ensure the success of your project. We evaluate risk management, performance metrics, and change management processes to verify compliance with contract administration and quality assurance standards.

Type of Project Audit we offer: -

• Process Audit: We evaluate the effectiveness of Project Management processes and methodologies to ensure they are efficient and align with industry best practices, identifying areas for improvement.
• Performance Audit: We assess the overall success of a project by examining deliverables, timelines, budgets, and stakeholder satisfaction, providing insights into the project's effectiveness and goal achievement.
• Compliance Audit: we ensure that a project adheres to legal, regulatory, and organizational guidelines, crucial in regulated industries to minimize legal risks and maintain adherence to standards.
• Financial Audit: We review a project's financial elements, including budgets, expenditures, and financial controls, to ensure transparency, prevent mismanagement, and confirm proper fund usage.

Concurrent Audit/Pre-Audit

A concurrent audit is performed when the day-to-day operations in a Business such as financial transactions are going on. As banking operations grow increasingly complex, maintaining transparency, accuracy, and accountability is crucial. To achieve this, banks rely on concurrent audits as a vital tool.

Our concurrent audit services offer real-time monitoring to verify your operations are accurate, transparent, and compliant. We assist with identifying and mitigating risks, improving operational efficiency, and maintaining strong accountability by assessing internal controls and monitoring transactions in real-time.

Fixed Asset Management and Verification

We ensure your Fixed Asset Registers (FAR) is up-to-date, accurate, and compliant with all regulatory requirements, offering a clear view of your asset portfolio at any given time.

• Asset Reconciliation & Periodic Verification: Regular reconciliation and verification processes are carried out to ensure consistency between physical assets and recorded data, minimizing discrepancies and potential risks.
• Providing Centralized Information: We consolidate asset information into a centralized system, making it easily accessible for decision-making and reporting, thereby enhancing operational efficiency.
• Ensuring Accurate Reporting: Our services guarantee that all asset-related reporting is precise and timely, supporting better financial management and compliance with audit requirements.
• Reduction in Maintenance Expenses: By closely monitoring asset conditions and implementing proactive maintenance strategies, we help reduce overall maintenance costs and extend the useful life of your assets.

Inventory control and Stock Audit Service

It is designed to verify and validate your company's physical inventory. This process ensures that your records accurately reflect the actual stock present in warehouses, factories, and stores, helping to identify discrepancies and prevent issues such as fraud, pilferage, and theft.

The scope of Stock Audit services is tailored to fit the unique needs of your company, taking into account the size, type of inventory, and specific industry requirements. Our comprehensive audit includes:

• Physical Verification of Inventory: Conduct a thorough physical count and inspection of your inventory to ensure it matches the records maintained by your company.
• Review of Inventory Records: Our team reviews your inventory records to confirm their accuracy, completeness, and timeliness, identifying any discrepancies like unrecorded or excess inventory.
• Valuation of Inventory: Ensuring inventory is accurately valued in your financial statements, including verifying the cost of raw materials, work-in-progress, and finished goods.
• Identification of Slow-Moving, Obsolete, and Scrap Inventory: Assessing and identifying slow-moving items, obsolete stock, deadstock, and scrap, which can impact your company's profitability and cash flow.
• Internal Control Review: The audit includes a review of your internal controls related to inventory management, such as segregation of duties, authorization processes, and access controls. 
• Comprehensive Reporting: Once the audit is completed, we deliver a detailed report summarizing our procedures, findings, and recommendations. This report may include suggestions for improving inventory management practices and strengthening internal controls.

Agency for Specialized Monitoring (ASM) Mechanism

To combat fraudulent activities and prevent fund diversion, the Government of India has introduced the ASM Mechanism. This initiative requires banks to appoint specialized monitoring agencies to oversee debtor activities. They are tasked with closely tracking key financial and operational aspects, such as purchase invoices, production outputs versus projections, high-value transactions, and cash flow management.

Our ASM services include:

• Concurrent review and monitoring of procedures for working capital.
• Concurrent review and monitoring of procedures for term loans, especially in cases of implementation delays.
• Engagement in large accounts to ensure projects are implemented according to schedule and funds are used appropriately.
• Continuous cash flow monitoring, including both inflows and outflows.
• Detailed fund flow analysis.
• Monitoring of non-cash parameters.