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Internal Audit/Risk & Control

Risk Advisory

The business environment today is more complex and uncertain. Organizations are increasingly interconnected and interdependent, and technology is evolving at an accelerating pace; as a result, improved risk management is a strategic priority.

Internal Controls Evaluation and Improvement
Internal Control over Financial Reporting (ICFR) / Internal Financial Control
Enterprise-wide Risk Management
Internal Audit Services
Fraud Investigation Services
Compliance and Regulatory Risk Management
IT Advisory and Audit Services
ERP Implementation Support and Advisory

Internal Control over Financial Reporting (ICFR)

We help companies in complying with internal control over financial reporting (ICFR) through designing, documentation and testing on behalf of management. In addition to assisting companies with ICFR, we help management streamline and improve their internal control environment to save effort while obtaining optimal risk coverage.

Internal Audit services

The opportunity for Internal Audit has never been greater as it is rapidly coming out of shadows of ‘financial audit’, but requires expertise and passion, on part of the professionals to prove its value. Optimal, with its experts, and practical and effective approach aimed at improving operational efficiency and governance, and ensuring compliances, is giving value addition to its clients in these challenging times. We help organisations improve their corporate governance practices, risk management and internal control systems by focusing on strategic and operational risk issues spanning different functions and operating units. We support our clients through:

Complete outsourced Internal Audit
Co-sourced Internal Audit
Quality Assessment of Internal Audit function
Establishment of effective Internal Audit function
Time Tracking / Time Sheet Management & Billing Reconciliation Audit
Service industry now a days provides services to clients linked with time & efforts requirement. The same requires revenue assurance in terms of time management and its accurate billing, error free.
Many times, client complaints whenever excess billing is done or not supported with the correct time & efforts or agreed cost structures. However, many times, short or non-billing remains undetected or unnoticed due to process gaps.
Thus revenue assurance in such cases becomes extremely important to identify such cases of non or short billing. At the same time, such gaps are required to set right for future such possibility of revenue shortage or leakage.
This activity requires focus exercise of time recording and its billing through the help of skilled and experienced professionals.
We provide organisations such services of revenue assurance by identifying design errors in contracts/ SOW; contract/SOW compliance; time sheet recording & errors; gaps identification between time sheet & billing i.e. short or non-billing cases identification; cost saving opportunities, if any; timely billing & recovery.

Enterprise-wide Risk Management (EwRM)

Recent financial crisis and corporate frauds have led to a sharp increase in the attention paid to risk and risk management by regulators, credit agencies, boards, and other key stakeholders.

Companies are looking hard at what is needed to better identify and manage significant risks, including strategic, operational, financial, compliance and/or reporting risks. We highly recommend growing businesses to implement, EwRM, which is an ongoing risk management process embedded throughout the organization to identify existing and emerging risks that can prevent your Company from achieving your strategic goals, assess the potential impact of those risks and manage risks and opportunities within a predetermined risk appetite. One of the key advantages of EwRM include increased awareness about key risks of your business and what can be or cannot be done to mitigate those risks; so you take ‘informed’ strategic and operational decisions.

Fraud Investigation Services

Fraud and misconduct issues continue to be a major concern for the organizations today. With complex business environment of increased regulation and enforcement, managing an organization’s risk of fraud and misconduct has become an ever-increasing challenge. We assist clients in preventing, detecting, and investigating fraud and misconduct, as well as avoiding and resolving disputes, through our multiple solutions:

Fraud Risk Assessment and Management
Background Investigation and Litigation Support
Fraud, Misconduct and Corruption Investigation

Compliance and Regulatory Risk Management

Today’s organizations face unprecedented challenges in managing risks and complying with laws, regulations and internal policies in a cost-effective manner. The costs of regulatory compliance are rising, yet it is too big a risk to ignore compliance. We support our clients to develop, implement and maintain effective regulatory and internal compliance programs that maximize the benefits of their investment and protect their reputations.

IT Advisory & Audit Services

Information Technology (IT) is a significant factor in driving business success. However, organisations face challenges in rationalising IT costs across the organisation, managing their overall IT risk position and delivering value from IT. We help clients address the challenge of managing IT risks in line with their business strategy and let stakeholders gain confidence that their organisation’s key IT-related risks are identified, understood and managed effectively. Our IT solutions include:

IT Controls Review and Improvement
IT Strategies, Policies and Procedures Development
IT Asset Management Improvement
Business Continuity Management, and Disaster & Recovery Management Plans
Third Party Compliance – SAS 70
Internal Controls Evaluation

For organizations not having experienced quality internal controls review till now, to start with, we recommend a quick Dip Stick Review – comparable to operational and financial health check. We evaluate effectiveness and adequacy of key internal controls of the organization covering key operations (Sales, Commercial, Finance, Operations, Human Resource and IT) and business segments, to come up with critical improvement areas and suggestions to address issues of revenue leakages, opportunity losses and higher costs. The review helps you to immediately address key operational bottlenecks, revenue leakages and opportunity loses.

Fixed Asset Management

Physical verification of assets is a process conducted to ensure that the assets of an entity actually exist and is efficiently utilized. It is of immense importance for every business to carry out this process and we help the businesses for the cause in following manner:

Assets Invoice mapping, reconciliations, Re-instating asset found physically
Mapping current asset utilization level
Mapping working condition/ user/custodian of assets
Mapping Asset physical location (Tower, computer, workstation, seat number etc.)

Sector 15 Part 2, Gurgaon, Haryana -122001
+91-9650510455
svijay@optimalcorporatesolutions.com