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Process Based Internal Audit
Astral's Process Based Internal Audit is a far-reaching service with evident and guaranteed results.We have termed it 'Process Based' as it literally views each function in coherence with the rest of the functions and more as part of a process and as contributing to the organizational objectives.
The process based internal audit helps organizations
- Strengthen their focus on core competencies
- Minimize operational costs and
- Gains them access to world-class internal audit practices
There are more reasons that make Astrals' Process Based Internal Audit outcome-centric. To gain more insights into our audit features and methodology please read further
MEANS METHODS AND OUTCOME
PRELIMINARY SURVEY AND SYSTEM STUDY: The internal audit is an end-to-end exercise which begins with a detailed study on the internal environment of an organization which culminates at implementation of a categorically planned control framework and installation of a
monitoring mechanism for on-going support. The study brings forth a fair assessment on the overall structure of the organization, control framework within the organization, internal audit strategies, technology platform and inherent resources available to supplement the effective
implementation of the Internal Audit function.
OBJECTIVE AND SCOPE OF THE INTERNAL AUDIT: After a collective assessment on the ground situation and in accordance with the Audit committee's and managements requirements the scope of the Internal Audit is determined. Once the objective and scope of internal audit is clearly stated the effectiveness of the existing internal controls are assessed and verified if they are tuned to derive the maximum potential of the function
RISK ASSESSMENT: On completion of the system study, a risk assessment is carried out in line with the COSO framework (Committee of Sponsored Organizations of the Treadway Commission).
THE AUDIT PLAN: A strategic planning that determines and plans the allocation of human expertise, technology platform and audit resources required for the successful conduct of the Internal Audit is carried out. Further a risk analysis is designed to meet the customized requirement of the organization.
FIELDWORK: The key procedures mandated for the study are brought under specific topics and a data collection process is triggered.
DETAILED TESTING: Testing is carried out to obtain sufficient evidence on the objectives of the audit, both compliance & substantive testing is carried out. The testing is aimed at evaluating controls based on their adequacy and effectiveness.
GAP ANALYSIS: The current practices are mapped against the best industry practices and the audit committee's expectations using a range of measurable attributes. Also the control procedures are verified for their compliance with relevant standards. The displacement gaps between the standards and the performance and regulatory status of the existing controls are recorded.
AUDIT FINDINGS AND AUDIT REPORT: The audit report will contain the purpose, scope and results of the audit. The results acquired for each audit process together with details on control issues and appropriate recommendations are presented in order to facilitate corrective action.
'Management By Exception'
The final recommendation is presented in the form of an Internal Audit report. The report will contain revised policies, controls and reporting lines. The recommendations will include valuable suggestions that can bridge the gap between the existing practices and industry standards. The conclusions and recommendations are discussed at appropriate levels of the management before the final report is issued. Re-audit, on the follow-up action taken by the management, based on audit report, will be carried out in subsequent audits to ensure compliance.
 Benefits
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Assurance