Internal Audit & Business Process Reengineering

Internal audit is an objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization to achieve its objectives by evaluating and improving the effectiveness of risk management, control and governance processes.

Scope of Internal Audit :

  • Detailed review of company records and standard operating procedures
  • Preparation of audit program to conduct comprehensive audit covering all business processes
  • Detailed review of accounting and financial controls
  • Review of all statutory compliance systems
  • Risk identification and internal controls
  • Publish detailed audit observations with criticality
  • Publish final report to top management with non-conformity and recommendations

Why choose BIZ Services for Internal Audit & Business Process Reengineering?

Best auditing practices

  • Risk based auditing
  • Internal control evaluation
  • Process walkthroughs and flowcharting
  • Checklist based audit planning and scoping
  • Data sampling techniques
  • Evidence gathering and documentation
  • Root cause analysis
  • Professional skepticism
  • Issue rating and prioritization

Finance and Accounting skills

  • Financial Statement Analysis
  • Accounting standards awareness
  • Expense and payment controls
  • Working capital controls
  • Cost and margin understanding
  • Fraud indicators in accounting

Compliance and Regulatory skills

  • Regulatory interpretation
  • Policy compliance testing
  • Contract and agreement review
  • Related party transaction risk

Operational & Process Skills

  • SOP evaluation and gap analysis
  • Process efficiency assessment
  • KPI & performance metric review
  • Control automation opportunities
  • Bottleneck and leakage identification

IT and Technology Skills

  • ERP and application controls
  • User access and authorization reviews
  • Change management controls
  • Data integrity checks
  • Cyber risk management
  • Information Technology General Controls understanding

Data Analytics Skill

  • Advanced Excel
  • Audit analytics and exception testing
  • Continuous auditing concepts
  • MIS and dashboard interpretation

Fraud Risk Identification Skills

  • Fraud risk assessment
  • Red flag identification
  • Conflict of interest analysis
  • Vendor/Employee fraud patterns

Customers