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POLICY AND PROCEDURE DEVELOPMENT PRE AUDIT FUNCTION MANAGEMENT FIXED ASSET MANAGEMENT

Internal Audit Department formation and Establishment process Management.



Establishing an effective Internal Audit Department in any organization is a costly proposition. Further, the level of independence at which the IAD is established has a direct impact on its success. Hence it is imperative that a team of professionals with experience in the industry, consulting, and execution of such activity and especially who have had past experience in the setting up of the IAD be involved.

What can go wrong ?
Lack of meeting structural necessity and Lack of planning for coverage of risks
Lack of technical competence to initiate audit processes
Lack of vision to identify potential problems while executing departmental functions
Lack of capability to identify synergic application of controls with cross industry value addition
Lack of developing necessary industrial and operational knowledge for executing audit assessments.
Lack of proper setting of KPIs Internal Audit activity
High cost of audit activity
Lack of Quality of Audit process
Lack of expertise to see through lapses in existing controls
Lack of Practical knowledge for Cost reduction recommendations
Incapability to identify Revenue enhancement potentials
Lack of expertise in Process modelling
Lack of experience to develop Policy and procedures ,
Lack of professional approach to audit implementation
Lack of required skill sets for integrated risk review from Accounting, Operational, IT, and HR perspectives.
Delay in reporting process
PROVEX Focus Areas for establishing effective and efficient Internal Audit Department

Internal Audit Process Methodology
Organizations coverage GAPS (Risks and controls)
Review of Working papers from audit activity
Quality of observations and recomendations.
KPIs monitored and Skills applied in the function
Challenges faced in executing audit function
Standards followed and Implementation effected
Internal Audit tools— Audit Programs, ICQ’s etc.
Personnel attitude and aptitude
Cost—Benefit assessment
Audit strength sufficiency and Audit Staff productivity
Clear understanding of Client Industry and Appropriate mapping of process in prevalent
GAP Analysis with Industrial practice
Formally establish Internal Audit Charter
Risk Governance long term plan concurrence with Audit Committee
Process strategy established through well laid out annual Audit plan
Internal Audit Process Methodology
Identification of Qualification and skills for meeting client industry
Establish Job description for Team
Recruitment support to Client HR
Direction and Quality Governance by PROVEX Consulting Team
Monitoring of Organizations coverage GAPS (Risks and controls)
Quality Review of Working papers from audit activity
Direction in development of Quality observations
Direction in development of Quality Recommendations
Establish and document achievements of appropriate KPIs
Development of Team Skills
Providing solution to Challenges faced in executing audit function
Ensuring Internal Audit Standards are followed
Establish and Monitor Roadmap for Implementation of recommendations
Development of Internal Audit tools— Audit Programs, ICQ’s etc.
Development of Professional Ethics and Personnel attitude and aptitude
Generate Cost—Benefit assessment
Establish the necessary Audit strength sufficiency
Monitor and develop Audit Staff productivity