INTERNAL
AUDIT
Through our Internal Audit services, we aim to:
Process robustness translates into
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.