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Protecting Businesses from liabilities while helping them grow

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Risk based Internal Audit

Every business has a set of processes, methodologies, and strategies that ensure its smooth operations. While these practices are aimed to enhance business operations, there are several instances that they are not delivered as per expectations, leading to counterproductive consequences. 

At RMPSCO, we are well-versed with internal audits and risk control measures that ensure your company’s smooth functioning while ensuring that there are no threats to operations. Further, we also carry out timely audits and implement additional steps to protect your company.

Over the years, we have enhanced our internal capabilities with a wide range of elements that help us best serve our clients’ needs. They are:

  • Exclusive Manager:
    We ensure that all of your needs are carefully and exclusively handled with a manager who constantly communicates with your team, ensuring no detail is missed out.
  • Hearing your opinions: 
    It is an essential component of our process to understand your valuable inputs and feedbacks that helps us chart out the perfect audit procedure for your business.
  • Multi-faceted:
    Our team comprises individuals from several different backgrounds such as accounting, finance, legal, technology, and business, helping us cater to a collection of your needs.
  • Leveraging Tools:
    Just as important as human resources, our team also excels at leveraging the massive potential of tools and technologies to enhance your experience and deliver the best results.
  • Commitment to Standards:
    Given the global nature of our client’s businesses, we must adhere to and even exceed international auditing standards, helping our clients access the finest services.
Brief of the Services

Our clients will access in the Risk-based Internal Audit domain, should they associate with us

Process Design

The first step our team undertakes is understanding a business, its operational cycle, and then charting out a customized, detailed, and robust process that will monitor and sustain all the internal audit operations.

Policies and Procedures:

Once the process design is complete, we develop comprehensive policies and procedures that guide the company’s operations. We ensure that all the stakeholders of the company are aware of the policies and procedures designed, making it simpler for execution

Risk and Control:

Next up, our team does a fine-comb analysis of the business and identifies the risks associated. Further, we also carry out prioritization that helps us develop strategies for risk management. Next, we undertake measures to implement controls and identify measures that mitigate the risks identified.

Operational Effectiveness and Efficiency

To ensure that our policies, procedures, and controls enhance productivity and help the clients, our team carries out a study for its operational efficiency, leading to completely optimized performance.

Review Mechanism:

Upon our team’s analysis, we also introduce a review mechanism where we identify rooms for improvement and implement them to ensure a smooth-functioning business and internal audit process. 

Regulatory Compliance

Every business is obligated to report certain details and ensure the timely completion of regulatory compliance tasks. Our team of experts excels at diligently completing these tasks, helping our clients continue to focus on their core competencies.

IT Effectiveness

  1. A lot of our internal audit solutions function on technology! To ensure that all our clients continue to enhance their business effectively, we carry out timely audits of all the IT Framework and carry out course corrections, if any. 

Our Services

Our multi-step approach:

Internal Audit Calendar

Upon developing a solid understanding of the client’s business, goals, and expectations, our team creates a defined action plan where we identify all the audit activities necessary well in advance.

Review Process

Further, our team also analyzes the existing processes and identifies their present risks, helping us identify critical controls to enhance efficiency and mitigate risks. 

Issue Sheets

We collaborate with our clients and audit committees to develop a formidable action plan and chart out significant dates that ensure a timely audit operation.

Audit closing meeting

In this step, we carry out discussions with our clients, leading us to clarify, resolve, and finalize every process. 

Presentations

We also deliver presentations that summarize our actions and help our clients understand the exact scope of our deliverables as well as the impact of our actions!

Implementation

Once all the details are finalized, we turn to the execution and ensure every step agreed upon is implemented perfectly! Our team also carries out a timely audit of the implementation process.

Issue Reports

The last step of our internal audit approach is to develop comprehensive reports that allow our clients to understand the effect of our actions and all the bases covered during the execution.