Provex Consult | Internal Audit Function Value Assessment

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Strategic Hotel Management Healthcare Internal Audit Factory Audits Distribution/Wholesale/ Retail Risk Consulting Construction Project Audit Car Rental Management Audit Cost Control Audits for Restaurants Other Industries – Education, Mining Services Etc

CFO Services Tax and Compliance Management Internal Audit Function Value Assessment Internal Audit Department formation and Establishment process Management. Risk Combat Strategy-Industry based Risk Register for Governance

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ERP Software Evaluations and Vendor Assessment

Technology Based Controls

Cash Flow Management Module Expenditure Management System- Tyre, Fuel, Labour etc. Customized ERP Core and Shell Version Scaffolding Monitoring System.

PRE AUDIT FUNCTION MANAGEMENT FIXED ASSET MANAGEMENT

Internal Audit Function Value Assessment

Our Proposition

PROVEX provides organizations having in-house internal audit departments an independent review of their Internal Audit Function. This is bound to add value to the stakeholder as PROVEX consultants have assessed the functioning of internal audit departments under various models of structuring. They apply the necessary knowledge, skills, and operational understanding for the specific industry to conduct an efficient review of your internal audit departments functioning.

What Can Go Wrong?
Lack of effective coverage of risks
Lack of sustained application of test of controls
Lack of application of substantive testing
Lack of identifying opportunity for synergic application of controls cross industry value addition
Lack of application of necessary industrial and operational knowledge for executing audit assessments
Lack of value addition from Internal Audit activity
High cost of audit activity
Quality of Audit process

Expertise to see through lapses in existing controls
Cost reduction recommendations
Revenue enhancement potentials
Process improvements
Policy and developments supported from activity,
Assurance on areas where controls are working as intended, etc.
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 CONSULT Focus Areas of Internal Audit Assessment and Re-engineering Internal Audit Process Methodology

  Organizations coverage GAPS (Risks and controls)
  Review of Working papers from audit activity
  Quality of observations
  Quality of recommendations
  KPIs monitored
  Skills applied in the function
  Challenges faced in executing audit function

   Standards followed
   Implementation effected
   Internal Audit tools— Audit Programs, ICQ’s etc.
   Personnel attitude and aptitude
   Cost—Benefit assessment
   Audit strength sufficiency
   Audit Staff productivity

Internal Audit gives the assurance that the controls and processes are working in the manner intended. However, this assurance should also be applied on the Internal Audit function for the owners, and audit committee to ensure that their certifying agent is also working as intended. It is important that the stakeholder identifies with the necessity for such a step and extends its resources to achieve the same.

It is time that these risks are also addressed in organizations with a perspective for re-alignment.