INTERNAL
AUDIT
Through our Internal Audit services, we aim to:
Process robustness translates into
Better customer retention
Cost reduction
Enhanced employee engagement
Resilience
Our Success Stories
Enhance Efficiency and Transparency: Unlock the Power of Internal Audit in Procurement Process
Impact we made:
“Potential Loss of RS 400 million Prevented Through Streamlining Vendor Management”
The Internal Audit of the procurement process revealed the need for improved vendor management. By streamlining practices, we prevented a potential loss of RS 400 million. Findings included a lack of centralized vendor database, inadequate due diligence, discrepancies in Vendor Enlistment Documents, weak contract management, and inefficient performance monitoring. Recommendations include establishing a centralized vendor database, enhancing due diligence checks, strengthening contract management, and improving performance monitoring. These measures optimize vendor selection, minimize risks, and ensure cost savings.
It is crucial to establish a culture of effective vendor management and ensure continuous monitoring and improvement to safeguard the organization’s interests and achieve optimal outcomes in procurement activities.
“Efficiency Boosted: Timely Creation of Purchase Orders Streamlines Work Completion Process”
The Internal Audit conducted an audit of the procurement process within the organization. The objective was to assess the efficiency and effectiveness of purchase order creation and its impact on the overall work completion process. This report provided a summary of the findings and highlights the positive outcomes resulting from the audit.
The internal audit of procurement highlighted the significance of timely purchase order creation in streamlining the work completion process. By implementing the recommended improvements, such as timely creation of purchase orders, standardization of processes, enhanced communication, and digitization of systems, the organization achieve increased efficiency, reduced delays, and improved overall productivity. These measures contribute to a streamlined procurement process and facilitate the timely completion of projects, thereby enhancing organizational effectiveness.
“Driving Efficiency: Successful Cost Optimization Initiatives Result in Significant Savings and Improved Financial Performance”
The Internal audit of procurement revealed the positive impact of successful cost optimization initiatives on financial performance. By implementing strategic supplier management, demand forecasting, competitive bidding, and effective contract management practices, the organization achieved significant cost savings and improved financial outcomes.
Continued efforts to drive efficiency through supplier evaluation, automation, data analytics, and training further enhance cost optimization in the procurement process. These measures contribute to the organization’s overall financial health and ensure sustainable growth and success.
Key results and benefits:
- Enhanced Compliance
- Risk Mitigation
- Cost Optimization
- Process Optimization
- Improved Vendor Management
- Strengthened Governance
Our Success Stories
Streamlining Internal Audit Processes: Fashion Brand Embraces Outsourcing for Enhanced Efficiency
Impact we made:
“Internal Audit Success: Inventory Management Overhaul Boosts Profit Margins and Operational Efficiency for Fashion Brand”
The internal audit of inventory management provided valuable insights into the company’s inventory control practices. By addressing the findings and implementing the recommended improvements, the fashion brand enhanced its inventory accuracy, control, and overall management, leading to improved customer satisfaction, reduced costs, optimized inventory control measures, reduce lead times, streamline order processes, accurately determine production costs, and focus on high-margin products and increased profitability.
“Optimizing Cash Flow: Internal Audit Drives Effective Cash Flow Forecasting Mechanism for Fashion Brand”
By conducting an outsourced internal audit for cash flow forecasting and addressing the impact of delayed payments on inventory, the Company gained valuable insights and implemented effective measures. The fashion brand successfully improved its cash flow forecasting mechanism, optimized inventory levels, and enhanced financial decision-making. These initiatives contributed to increased operational efficiency, improved inventory turnover, and enhanced financial stability.
Key results and benefits:
Through the implementation of effective internal audit practices, the Company successfully enhanced its risk management capabilities, strengthened internal controls, and improved governance. We demonstrated the importance of proactive and comprehensive internal audit in addressing the unique challenges faced by the fashion brand.
By adopting best practices and continuously monitoring and improving internal controls, fashion brands can better navigate the complex landscape of the industry and achieve sustainable growth.
Our Approach : The Methodology
- Review of strategic plan
- Meetings with top management
- Review of operational & financial reports
- Detailed risk workshops with management
- Identify underlying processes
- Complete process understanding including related controls
- Document objectives, risks & controls
- Control owners’ identification
- Detailed verification for the operational effectiveness of controls as designed.
- Working alongside management to ensure remediation of gaps
- Regularly reporting to Audit Committee/ Top Management on the status.
SPECIALISED DOMAIN EXPERTISE
Information security
Culture
Cost effectiveness
Organizational resilience
Performance management
Brand
INDUSTRY EXPERTISE
OIL AND GAS
FASHION
AUTOMOBILE
TELECOM
MANUFACTURING
How Can You Engage Us?
Complete outsourcing of the internal audit functions.
In the scenario where your existing internal audit department needs extra resources and expertise only for the next couple of months, we can help you achieve your goals without you hiring extra employees that would most likely will sit idle for the rest of the year.
Due to the everchanging economic situation and greater technological advancements you may require a solution for very specific problems, Etc. Cyber security, Forensic Audits and environmental reviews.
What our clients say about us
“We collaborated with Hyphen Consultancy in 2014 and outsourced internal controls design assignment….. the staff deputed were good in collaborating the activities within the organization and concluded the activity within project timelines.”
Imran Ashraf, CEO
“…We noted that the team is dedicated, is collaborative and delivers beyond the content of deliverables in the signed agreement. I have no hesitation in recommending their professionalism, timing and delivery to another organization for similar services.”
Tausif Hashmi, FCA
“Throughout this association (and continuing) Faheem Piracha (the CEO of hyphen) and his team have displayed great understanding, good knowledge of applicable standards, disciplined work approach, and willingness to learn….Due to reasons, we preferred them over the Big-4 with words of caution. However, their contribution in the successful revamping of internal Audit function in Our group was as good as we could have expected from the Big-4 firms…..
Nauman Sohail, Group Chief Audit Executive
“I selected Hyphen for compliance assignment of ICOFR (Internal Control over Financial Reporting) under the guidelines of ADAA (Abu Dhabi Accountability Authority). The proposal was crisp and concise. Selecting Hyphen over Big 4 was a riskier decision but I am glad that it was worth taking . Faheem and his team delivered timely in fashion and by this time I had realized Faheem was a reliable business partner. I acknowledge that approach was pragmatic, client oriented, focused with clear objectivity.”
Bilal Aslam, CFO
“Overall, in my opinion, the session was conducted on the level of perfection. It was a great refresher for the finance professionals working in the industry, especially in an MNC environment. The test cases gave us a good overview about areas which we need to look into, while performing our day-to-day operational activities. Since we are working on the front line, we needed a refresher for that kind of skeptical insight.”
