Risk management is a big concern for both audit committees and senior management in corporate internally. Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto and add value to and strengthen the overall governance mechanism of the entity, including the entity’s strategic risk management and internal control system.
Internal Audit helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. With commitment to integrity and accountability, internal auditing provides value to senior management as an objective source of independent advice.
We provide accounting and auditing guidance which constitutes valuable insights for audit committees, chief financial officers, controllers, financial reporting groups, and internal audit directors.
Management support for Internal Financial Controls testing and development of standard operating procedures
Internal financial controls include policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including regulatory compliance and prevention and detection of frauds and errors, thereby covering not only the controls over reliable reporting of financial statements (more commonly known as Internal Financial Controls over Financial Reporting (“IFCFR”), but also include all other controls pervasive across the business. The Companies Act, 2013 (the “2013 Act”) has imposed specific responsibilities on the Board of Directors (“Board”) towards the company’s internal financial controls and, inter alia, requires the Board to state that they have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
By placing more accountability and responsibility on the Board and Audit Committee with respect to internal financial controls, the 2013 Act attempted to align the corporate governance and financial reporting standards with global best practices. With adequate and effective internal financial controls, some of the benefits that the companies are experiencing include:
Stock and fixed assets audits
Stock and fixed assets Audit is also an area of specialization and core competence for Legacy Partners. Stocks and physical assets such as raw materials are critical real assets and needs systematized management. As a large number of companies are operating across the borders through multiple locations and channel partners, making asset management a challenge. We aim at delivering focused services to companies to keep their physical assets check intact.
Statutory Audit, Tax Audit, Review of Financial statements and GST Audit
While many of the rules of business have changed, the fundamentals haven’t. Meeting investor expectations begins with the completeness, accuracy and fair presentation of information in your financial statements and disclosures. The audit is key to sustaining confidence in both your company and the financial system at large. It must keep pace with a fast-evolving corporate reporting environment – one characterised by investor scepticism and the 24/7 scrutiny of corporate information, including non-financial information. Auditing thus involves much more than just the legal obligation of certifying annual accounts. Whether annual and consolidated accounts or special audit services and certifications, having the objective judgment of external auditors makes information more reliable for all decision makers.
Our professionals at Legacy Partners have many years’ experience, competence, industry knowledge and integrity. Our audit approach, is tailored to suit the size and nature of any organization and draws upon our extensive knowledge and talent, understanding of laws, regulations and legislation. We approach your audit with a deep and broad understanding of your business, the industry in which you operate, and the latest regulatory standards, helping you deliver value confidently through transparency of your reporting to stakeholders.
With the ever-changing business landscape, our certified auditors and accounting professionals, and payroll specialists assist in a broad spectrum of financial services, which includes:
In today’s highly competitive business industry, you cannot afford to undermine the role of a Chief Finance Officer in your company. This is as true for multi-national company as it is for a mature start-up. Our strong team of Chartered Accountants can help you on this front.
We can assist you to manage your finances in the best possible way. We are trained to analyse the current financial situation of your business, identify opportunities and weak points, and then provide a roadmap that can help you achieve the financial goals in the safest, fastest, and most efficient way possible.
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