Internal Audits (Risk & Objective Based)
RAMA’s internal audit team works with the audit committees, management and audit executives of, public or private, companies to assist them in managing the Internal Audit activities on a fully outsourced or on co-sourcing basis. Our Internal Audit services are focused towards:
→ Improving organization’s overall governance, risk management and internal controls
→ Providing insight based on analyses and assessments of information, data and business processes through extensive use of advance audit tools and technologies
→ Adding value through our practically implementable solutions (with greater focus on IT /ERP system) to reduce costs and improve efficiencies
→ Assistance in implementation of Audit Recommendations through constructive dialogues, regular follow-up with process owners and interactive reports
→ Committed to integrity and accountability, our objective is to add value to senior management as an independent source of advice
With the vast experience of RAMA’s top management team in Internal Audit, our internal audit methodology is customized to align with the client’s goals and objectives, simultaneously ensuring high quality standards as per globally accepted Internal Audit practices and frameworks.
Aimed at specific objectives, as per management’s directions, to analyse performance of various processes, assessment of methods and policies, optimum utilisation of business resources, tactical and strategic planning and employees & organizational improvement. Our management audit services involve review of aspects like organizational objectives, policies, procedures, structure, control and system in order to check the efficiency or performance.
RAMA’s service spectrum under Management Audit is diversed, which mainly includes the following:
→ Supply Chain Management Reviews
→ Project Management Reviews
→ Cost Reduction Studies
→ Reduction of Working Capital Cycle
→ Management of Import / Export Operations & Benefits
→ Treasury & FOREX Management
→ Review of Information Systems
→ Advertisement & Media Expenses – Review & Impact Analysis
→ Review of Statutory Compliances Framework
Business Process Review and Re-engineering
RAMA’s in-depth knowledge base of processes, controls and ERP systems equips our team to execute niche consulting assignments on Business Process Re-engineering (BPR). Our BPR projects are structured to optimize end-to-end business processes thorough in-depth study / understanding of existing processes, walk-through of live transactions and activities in ERP systems as well as on the floors and data analytics.
Two major factors creating a difference in RAMA’s BPR deliveries are:
→ RAMA’s team for executing BPR assignments is a best combination of process champions having in-depth process, industry knowledge, data analysts being experts in manoeuvring huge data and IT professionals – proficient in ERP systems.
→ Benchmarking of business processes with it’s vast database of best practices in each process, created over the years and being constantly updated.
Standard Operating Procedures (SOPs) are the backbone of the business processes, so is the critical component of organization’s overall Goverance, Risk and Control framework. RAMA’s team is having a wide exposure in designing and documenting SOP for various large and mid-size corporates across industries.
Although, our SOP documents are customized depending upon the needs of the organizations, however, RAMA ensures designing interactive, crisp and task-oriented documents to help the users to perform their tasks and duties efficiently & effectively.
Our process of designing SOPs ensures constructive involvement of Process Owners and their team, this approach helps in getiing quick buy-in from the execution team and swift implementation of laid down procedures.
Internal Financial Controls
RAMA’s role as an Internal Auditors of large and mid-size corporates rightly places us in assisting orgaizations in effectively compliying to the enhanced requirements of Internal Financial Controls (IFC) / Internal Control Over Financial Reporting (ICFR).
We assist the Management in ensuring that Internal Controls over Financial Reporting are adequate and operting effectively, also report to Audit Committees, Independent Directors and provide required inputs to Statuory Auditors for the purpose of reporting in Auditor’s Report.
Broad structure of our assignments for ICFR includes:
→ Scoping: Identification of significant accounts, processess and locations, defining materiality, finalizing templates, documenting standards and allignment with External Auditors, Audit Committee and Boards
→ AS-IS Assessment: Perfoming process walkthroughs, documenting process flows and controls (Entity Level, Transactions Level and IT) and identification of design gaps
→ Resolution of Design Gaps: Developing plan for resolution of design gaps (preferably through automation) prioritzed based on the financial impact, discussion with process owners for buy-in and implementation timelines and regular follow-ups and monitoring
→ Continuous Testing: Finalization of sampling strategy, testing plans and frequency in allignment with Statutory Auditors, perform tests as per plan to identify material risks and plan for resolution
→ Reporting: HIghlighting material risks along with mitigation plan to Managment and Board
Fixed Assets (Mapping, Recording and Verifications)
RAMA has developed a specialsed service product for assisting organizations in monitoring and safeguarding of its fixed assets including review of FAR (Fixed Assets Register), Codification of Assets, developing new technology based Asset Identification Tags, three way linking i.e. Finanical Records – FAR – Physical Asset Records and physical verification of assets.
Efficiency Audits of Production Facilities
RAMA undertakes Performance Improvement Audits at Production Facilities aimed at Productivity Improvement, Reduction of Production Costs, Lead Time Reduction, OTIF Improvement and Inventory Reduction etc. We have a unique team having synergies of data analytics experts, process experts and competent professionals having experience in implementing Lean, Problem Solving & Performance Improvement tools. Our brief appraoch towards such assignments is as below:
→ Setting up of a team of SMEs depending upon the issues to be addressed (a typical team would have process experts, problem solving team members, SME consultants and client personnel)
→ Identification of critical issues to be resolved immediatelty through process walk throughs, shop floor studies and discussions with Management
→ Putting accross the solutions for resolving critical issues through observations of actual activities (Time & Motion study), shop floor demonstration (Workshop and Training modules), analysis of data, processes, strategies related to the issues and selection of the most suitable soultion for implementation (using P-D-C-A-S-S approach) based on discussion with Management
→ Designing an implementation plan for the solutions, the plan includes conducting changes in existing system & processes and workshops with process team members
Retail Locations Audit Across Country
RAMA has expertise in managing audits of retail locations (Apprael Brand’s Retail Stores, Malls / Shopping Complex, Entertainment Properties like Cinema Halls, Multiplexs, Hotel Chains and Resorts etc.) spread across the country in a cost-effective manner but yet uncompromising the quality of services. The key features of RAMA’s Retail Location audit services are:
→ Execution through trained associates at in Tier II and Tier III cities accross the counbtry (trained through past relationships on similar assignments and constant on-site and off-site trainings on specific subjects)
→ Direct supervision of National Quality Manager operating from HO to ensure effective audit processes, coverage of audit scope, discussions, assistance to the location team in implementation and reporting to Central Management
→ A standard checklist based comprehensive Performance Rating System being used for all the operational areas which helps the management to review the operational performance of the locations specifically, objectively and comparatively
→ Interactive report formats developed specifically for audit of retail locations including pictorial presentations of vital statistics, to the point observations and implemenable solutions
→ All reports are centrally reviewed by NQM through effective use of video conferencing, voice mails etc. and issued to Management for actions
→ Periodic cummulative updates to Management on the overall retail operations and strengthening of processes and controls at HO
RAMA provides specialized Pre-payments Audit Services for clients having large number of payments, centralised proessing of payments for multiple locations etc. Pre-payments audit features the following aspects:
→ Real time audit of bill passing and payments transactions (Pre / Post) to highlight transaction or process related Red Flags before / immediately after processing of transactions
→ Exercise supervisory monitoring checks and controls on the transactions and allied processes
→ Ensuring compliances to operating procedures, approvals, systems and controls
→ Improvements in overall controls framework, instant reporting of deviation and greater assurance to the management
→ Instant review of statutory compliances (TDS, VAT, Service Tax etc.)
→ Review of IT controls in bill passing, payments processing and continuous efforts for automation of controls
Legal & Compliances Framework
RAMA has the knowledge base for Developing and Instituting a comprehensive Legal and Compliance Framework (LCFM) which clearly defines the statutory requirements of various applicable laws (Financial, Factory Related, Labour Laws, Environment & Pollution and Shop & Establishment etc.), periodicity, compliance status and responsibility etc. Such compliance tracker can be prepared manually in Excel or in ERP system also.
By implementing such LCFM, regular updation, tracking and monitoring of compliances and / or non compliances becomes Easy to Manage Task and provides greater assurance to CFOs, Audit Committees, Independent Directors and the Board of Directors.