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Managing Business Risk – Maximizing Business Returns

In today’s volatile business environment, organizations face a wide array of complex business risks. These risks come in the form of many issues: regulatory compliance, litigation, competitive market pressures, changing technology, investor demands, corporate governance, business ethics and accountability. India’s integration into the global markets has brought with it additional challenges of world class quality and optimum productivity and efficiency.

How you manage these risks is
critical to the future of your organization.
The Solution Our Management Assurance Services

Risk Management & Internal Audit

The business world is becoming increasingly complex due to new, evolving, and emerging risks. Organizations are giving risk management more consideration, but implementing an effective risk management program takes time and discipline. Internal auditors are finding they can play important roles in risk management, but there are many roles that internal audit activities are either not ready to pursue or are not proactive in pursuing. This is where INMACS makes the difference.

Our Audit Approach is a combination of…

Easy to Channelise

Freely scalable

Easy to Edit

Easy to Channelise

Easy to Channelise

  • Review Of Operation
  • Flow charting of all operation and business process
  • Identification of all issues in respect of business process
  • Cost Inefficiencies
  • Changes required in business process with a view to cover the areas of Business.

Areas of Business

  • Purchase
  • Production
  • Sales
  • Human Resources
  • Logistics
  • Fixed Assets
  • Receivables & Payables
  • Banking & Treasury

ITEMS INCLUDED IN SILVER, GOLD & PLATINUM TO BE OPTIONAL

Purchase Production Human Resources
Specification & Quality process of identification of Supplier Process Integration Analysis Organization Charting Plan
Invitation of Bids All Major Cost Duty & Responsibility
Background & Reference Check All Other Material Cost Components Eligibility Requirement
Analysis of Key Areas Analysis of Key Areas Process of Vacancy Creation
Verifications of our Key Requirement to ensure Non-Modification Rate Movement Analysis Actual Organization Chart
Contract PO with Risk Purchase Terms Analysis of Consumption Employee Requirement Policy
Tax Friendliness of Break up of Salary Structure
Employee Turnover
International/ National Bench Mark

ITEMS INCLUDED IN SILVER, GOLD & PLATINUM TO BE OPTIONAL

MANAGEMENT ISSUES

Production Sales Banking & Treasury Management Finance
Machine Balancing. Sales Policy Policy Capital Market
Recourse Wastage Credit Policy Processes Source Planning Review
Reduction of Consumption Discount Policy Identification of Cheaper
Alternative on Substitutive Warranties Bank Relationship Management
Special Time and Motion Study Returns and Defect Policy
Special Training

ITEMS INCLUDED IN SILVER & GOLD TO BE OPTIONAL

INTERNAL CONTROL SYSTEM PHYSICAL VERIFICATION DELEGATION OF POWERS
Detailed Review of Existing Internal Control INVENTORY
  • Raw Material
  • Work-In-Progress
  • Finished Goods
  • Others
Existing delegation of Powers
  • As Notified by Management
  • As Actual in Practice
Mapping of Internal Control Procedures FIXED ASSETS
COST INEFFICIENCIES IDENTIFICATION REVENUE LEAKEGE IDENTIFICATION
Sample size increases for Items covered in Silver
  • 100 % Highly Critical Transactions
  • 10 % Other High Value Transactions
  • 5 % Others

INTERNAL CONTROL SYSTEM

Designing
Internal Control Procedures as Standard Operating Procedures Keeping in View best Practices Ensuring Risk Management
Management Approval for testing INMACS team to train & guide the implementing team Modification on SOP Based on Implementation feedback Final SOP Presentation to Departmental needs/Top Management Management Approval Final Implementation Periodical Testing

Management Risk

Understanding of Business Objectives Understanding of Business Parameters & Dynamics Understanding Environment and Regulatory Framework for the business Identified Risks Risk Profiling Risk Analysis and Testing Sharing Risks identified with Key Areas Management Presentation Action Plan Documentation of Specific actions & issuance of Instruction Risk Management Solution
Regulatory aspects
Authorization
Accuracy of financial accounting
Over view of informationand IT System
Sample physical verification of selected assets

Financial Discipline

  • Materiality of Possible Error
  • Degree of Risk of Error
  • Probability of Error Accuracy

IFRS & Business Risk Assessment

The business environment is becoming complex day by day due to new, evolving, and emerging risks. Organizations are giving risk management more emphasis, but implementing an effective risk management program takes time and discipline. Internal auditors are finding they can play important roles in risk management, but there are many roles that internal audit activities are either not ready to pursue or are not proactive in pursuing. This is where INMACS makes the difference.

Our experts assist companies with implementing a practical approach to Business Risk Management that is integrated with some existing management processes . Our goal is to provide our clients - wide view of risk and helps them in design, implement and maintain effective capabilities to manage their most critical risks We help them evaluate technology solutions for reliable monitoring and reporting, and implement new processes successfully over time.

Our services include:

  • Policy and Strategic management
  • Credit risk management
  • Revenue Assurance
  • Operational risk management
  • Market and liquidity risk management
  • Capital management
  • Asset management
  • Capital adequacy & regulatory services
  • financial statement Risk management
  • Portfolio risk management
  • Financial Reengineering
  • Compliance Risk management
  • Finance and treasury management

Management Audit

INMACS’s Management audit services analyse and assess the competencies and capabilities of a company's management in order to evaluate their effectiveness, especially with regard to the strategic objectives and policies of the business. Our objective is not to appraise individual executive performance, but to evaluate the management team in relation to their competition.

Our services include:

  • Review and Assessment of Organisation Structure
  • Formation of various
  • Financial planning and control
  • Review of Different process like production and sales etc.
  • Variance analysis
  • Input Output ration analysis
  • Supply chain management
  • Personnel management

Investigations

From our skills and experience acquired over many years in a range of disciplines, we assist clients in the prevention, detection, investigation and remediation of fraud, financial crime and other irregularities.

  • Investigate the nature and extent of the fraud or irregularity and any losses arising from it
  • Using evidence from the investigation, as well as publicly available sources, we can evaluate the viability of third parties as targets for recovery actions
  • Identify and quantify any accounting misstatements and advise on changes to accounting or disclosure that may be required
  • Work closely with lawyers to frame freezing and disclosure ordersfvnkmkcv
  • Analyse further evidence, such as bank records, obtained under disclosure orders
  • Produce factual and/or expert reports and other analyses in support of recovery actions
  • Assist in the design and implementation of other remedial steps, including improvements in processes and controls to mitigate the risk of recurrence.

Information Systems Audit

The efficiency and effectiveness of an information system’s controls is evaluated through an information systems audit. An audit aims to establish whether:

  • Information systems are safeguarding corporate assets
  • Maintaining the integrity of stored and communicated data
  • Supporting corporate objectives effectively, and operating efficiently

Information System Audit is a part of a more general financial audit that verifies an organization’s accounting records and financial statements. Information systems are designed so that every financial transaction can be traced. In other words, an audit trail must exist that can establish where each transaction originated and how it was processed. Aside from financial audits, operational audits are used to evaluate the effectiveness and efficiency of information systems operations, and technological audits verify that information technologies are appropriately chosen, configured, and implemented.

  • Systems and Applications Audit: To ensure that the system and applications used by the entity is appropriate, efficient and as per entity’s need and are adequately controlled. It is an audit to verify the validity, reliability, timely and security of processing of input and output at all levels of a system's activity
  • Information Processing Facilities Audit: To ensure that the processing facility is controlled to ensure timely, accurate and efficient processing of applications under normal and potentially disruptive conditions.
  • Systems Development: An audit to verify that the systems under development meet the objectives of the organization and to ensure that the systems are developed in accordance with generally accepted standards for systems development.
  • Management of IT and Enterprise Architecture: : An audit to verify that IT management has developed an organizational structure and procedures to ensure a controlled and efficient environment for information processing.
  • Client/Server, Telecommunications, Intranets, and Extranets: : An audit to verify that controls are in place computer receiving services, server, and on the network connecting the clients and servers.

Conversion to International Financial Reporting Standards

Our firm is actively involved at all levels for implementation of IFRS. The Members firm has actively participated in the drafting of convergence paper on IFRS implementation issued by ICAI.

The firm has made various presentations at regional conferences and study circles for IFRS awareness and also to other companies both in private and public sector. The IFRS group has given roadmaps on the convergence to multinational companies