With growing need for corporate governance and increased transparency; Internal Audit, or Management Assurance as it is called today, is no longer perceived as a mere support function. It is a core function that adds value across the board.

Top Managements, with view to realizing their vision and dreams, set process and business objectives for all functions across the organization. However having clarity of the goals and processes do not assure timely achieving of the same. Hard-pressed for time, a thorough performance validation and monitoring of the individual objectives seem almost impossible. And so, to beat the risk of non-achievement and to ensure efficient working and timely output of all functions, a strategic partnership is crucial.

Our team of assurance experts led by top-notch Chartered Accountants, Certified Internal and Information Systems Auditors, Process Compliance Experts and, Risk/Quality Check Analysts will steer your organization towards achieving your vision. You may with ease focus on what you do best such as initiating newer ideas for business growth and expansion, when we work at maximizing effectiveness in every initiative of yours. While engaged with us, you can dare to dream big and be assured of realizing it.

B’Risk Value-Adds

• Structured Risk assessment using B’Risk – Profiler
• Process flow diagrams using B’Risk – ProFlow
• Detailed audit report giving all the relevant information in a reader friendly format
• Usage of world famous data analysis tools like Audit Command Language (ACL), IDEA et al for transaction studies
• Structured follow-up till implementation, and
• Presentation to Audit Committee or the top management

The team will work towards setting performance indicators and hence indirectly enable the achievement of corporate objectives. B’Risk can work with you in the following models.

Why B’Risk

• We embrace the Risk-based approach to Internal Audit as against the more traditional approaches. This marks the future of Internal Audit. This approach is Vision-oriented and contributes at a strategic level. In the process, we enable better business governance.
• Our Knowledge team is trend-savvy and continuously identifies and recommends global best practices that the Engagement team imbibes in our methodology.
• We have access to high-skilled talent and expertise.

B’Risk engages with its clients at four different levels to offer our Internal Audit Services in totality or partially.

B’Risk provides Total Internal Audit Outsourcing services to companies of all sizes. In this model, we report directly to the client’s Audit Committee to ensure complete independence and objectivity. The benefits of this model are as follows:

• Allows you to execute your audit plan with guidance from highly skilled, expert auditors skilled in an extremely wide range of areas
• Allows you to stay focused on your core business and strategic plan
• Eliminates the need to invest in expensive audit tools
• Eliminates the need for training and managing a costly in-house function
• Provides complete assurance be it in terms of independence or objectivity with respect to Internal Audit
• Complete transfer of responsibilities to B’Risk that assures highest relief
• Submission of periodic reports to the management, audit committee

The team will work towards setting performance indicators and hence indirectly enable the achievement of corporate objectives. B’Risk can work with you in the following models.

Internal Audit Co-Source services complement the existing in-house Internal Audit function. Co-sourcing typically relies upon a strong in-house internal audit function which is supplemented with our experts for specialized or non-routine audit services. The benefits of co-sourcing allow you to:

• Supplement your audit plan utilizing guidance from our professionals with expertise in skills that your in-house team may not have.
• Allows the Internal Audit department to pursue value-added services that it could not provide either because of time or skill constraints.
• Allows you the on-demand flexibility of increasing your staffing during certain peak times of the year without having to incur the costs of a full time hire
• Access to global best practices in internal Audit

The Business processes are exposed to various risks that threaten the achievement of designated objectives. The business processes have to be reviewed to assure that the systems are adequate and working to the expectations of the Management.

It may also review ERP systems implemented for the limited objective of business process management using computer assisted audit tools like ACL (Audit Command Language) for data extraction and exceptional analysis
Our approach for individual audit assignments is

• Project planning
• Review of action plans
• Follow-up of findings in accordance with our proprietary Assurance System
• Access to global best practices in internal Audit

Throughout each assignment we will interact with relevant company personnel, keeping the Board informed of key issues and progress. For each audit finding, we will provide detailed evidence and try to evaluate the impact wherever possible.

• Systems review
• Review of adequacy of controls
• Transaction analysis using computer assisted audit tools
• Identification of risks that threaten the achievement of business objectives

Clients need to know ahead as to what risks might throw obstacles in achieving their corporate goals and vision. Identification of these risks helps them build adequate control systems. Controlling these risks could imply total elimination of the risk, or risk reduction, or risk acceptance and/or risk transfer.

Sometimes, risk assessments are carried out to perform rational allocation of Internal Audit Department (IAD) resources. It assists the IAD in getting a better understanding of the existing control environment and facilitates developing an audit strategy.

The Indian Corporate governance prescribes key responsibilities of the Internal Audit department. This is applicable to all the quoted companies and public limited companies in India. The expectations may be listed as under:

• Managing Risks of every process in the company,
• Assured working of internal controls,
• General audit reporting on a timely basis,
• Report on white collar frauds, and
• Participation in disclosure requirements compliance

B’Risk Value-Add

• We embrace a Risk-based Internal Audit plan
• We perform identification of high risk areas for Audit
• We perform Enterprise Risk Assessment and Enterprise Risk Management

Methodology

• B’Risk, has designed a special tool named B’Risk Profiler (Business Risk Profiler) to help identify risks.
• The Profiler profiles a portfolio of risks basis the industry segment the organization belongs to.
• This helps in complete mapping of all possible risks that an organization from a particular industry segment may be exposed to.
• Subsequently, specific risks for the organization are mapped.
• Risks are also profiled on a matrix of importance.