A few years ago, it was not accepted to talk about internal audit as a profession. In many companies, employees of internal audit services or specialists acting as internal auditors have held positions of economists, financial analysts, and accountants. Gradually, internal audit is being formalized into a full-fledged profession with all its attributes and…
The board of directors of a company, if authorized by the articles of association, may appoint a person as an additional director. If a company wants to appoint a person as a director of the company but couldn’t do the same, as it is not possible to convene a general meeting then the company can…
You have probably wondered the same thing as your competitors: Should you do in-house hire or recruitment process outsourcing (RPO)? But, before we get to that, let us discuss what exactly RPO is and how it works. Recruitment Process Outsourcing- it is a model by which an employer or a company transfers all or a…
In the modern era, the role of IT and automation in almost every walk of life has become indisputably massive. The commercially oriented enterprises are always at the forefront of adopting new and sophisticated technologies to introduce just that innovation and cutting edge which will power it ahead of its competitors. It is pervasive, a…
Why Internal Audit of Logistic Area is Necessary? In Modern World, The Logistics area serves as the backbone of the companies and has a significant impact on the company’s business strategy which directly affects its operation and operational costs. Additionally, the performance of the Logistic area has a direct impact on a company’s ability to…
If you are not adequately managing your inventory or not managing at all, your business will suffer as a result. There are so many benefits of inventory management, which can help both your customer and employees. Benefits of Inventory Management: – 1. Proper Procurement Planning: – Excess Purchase requisition & approvals and unnecessary stocking of…
A standard operating procedure (SOPs) is a set of step-by-step guidelines gathered by an organization to support its employees to carry out regular operations. SOPs Objective is to achieve consistency of productivity, value output, and performance while reducing failure to comply with industry miscommunication and regulations within the organization. Appropriately designed SOPs define: The objective…
No one would like to be on a sticky wicket or get caught off guard when delivering a presentation — and the stakes are high when you have to conduct the presentation in front of the Audit Committee. Audit Committee members are no one to mess around with; they are sharp, accomplished, and busy professionals…
IT audit deals with review and evaluation of information processing systems, related- non automated process and an interface between them. It involves gathering information and planning and secondly, understanding of existing internal controls. As in today’s era organizations are moving towards risk-based audit approach, an auditor has to assess risks through an audit plan and…
Before accepting a new client, a chartered accountant firm in practice shall determine whether the acceptance would create any threats to compliance with the fundamental principles. This means that when accepting to take on a new client, the proper investigation should be donein this regarding also its owners and business activities toensure the integrity of…
