Mastermind provides high-quality Audit and Assurance services in accordance with the Code of Ethics and International Standards and follows Standard Audit Procedures
- INTERNAL AUDIT
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It 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.
Today Internal Audit is not just an audit of financial working of an organisation. It has evolved to become a tool in the hands of management to ensure proper working of any function of the organisation be it production or sales or finance or human resources.
Over the time the role of Internal Auditor has widened from just ensuring the correctness of financial system of any organisation to include consultative processes like advising on better utilisation of organisations resources, better management of financial as well as non-financial functions etc.
Our Internal Audit Department strives to ensure that Internal Audit is conducted with the highest Standards & Auditing Procedures to ensure total compliance of client’s requirements.
The challenges of international competition and ever increasing complexity of information flows have increased the financial and business risks faced by companies/entities. With increasing regulatory requirements, the need for greater transparency in operations and disclosure norms, stakeholders require assurance beyond the traditional numbers.
Globalization of the Corporate world has been a key driver in harmonization of accounting practices in financial disclosure norms. Shareholding pattern in Corporate’ is fast changing its form to Strategic Investors, Private Equity Investors and Foreign Institutional Investor’s, demanding transparent Financial Statements.
Our Internal Audit Services are driven by a comprehensive, proven methodology executed by experienced and certified professionals. It is risk-based and can be readily tailored to an organization’s specific requirements and support both an outsourced and a co-sourced service model.
Successful organizations recognize that an effective Internal Audit service can make a very positive contribution to the management of risk and the smooth operation of the business.
Assessing and managing enterprise risks have become primary concerns of CFOs, Audit committees and other stakeholders. Internal Auditors can shift their focus to address these concerns – and in the process, increase their strategic value to the organization.
In today’s global economy, organizations must demonstrate that they have adequate controls and safeguards in place. Our Internal Audit Services, emphasize providing you with independent, objective support in the design, implementation, and operating effectiveness of controls.
We advise management team to develop workable internal controls that enhance the control environment. We provide advice on how to implement an effective and secured internal control environment.
MASTERMIND Focus On
- Advising on how to manage core operational risk, especially those related to the reliability of business operations.
- Assisting with linking operational strategies and risk performance measures to business goals.
- Assisting with change management and business awareness processes by helping make the transition from existing practices to more efficient and focused.
- Evaluating the key structures, dynamics and processes required to underpin effective corporate governance.
MASTERMIND Provides Quality Services through our Qualified Audit Staff which Covers Following Areas
- Special Internal Audit
- Concurrent Audit
- Management Audit
- Fraud Detection and Investigation Audit
- Operational Audit
- Special Audit
- Stock Audit
- IT/System Audit
- Project Audit
- Branch audit/Divisional Audit
- Forensic Audit
- STATUTORY/EXTERNAL AUDIT
In simple terms Statutory/External Audit is equated with Audit under the specific Act and conducted by the external auditor after the end of the year. It is an audit of financial statements to ensure true and fair view of the accounts. Further, the auditor has to ensure compliance with various provisions of Acts.
The complexity of Statutory Audit Function has increased manifolds during recent times. Globalization, Fast Changing Business and Statutory environment combined with need for synchronization with various global accounting standards and ever increasing reliance on audited accounts by a variety of interested parties has put ever increasing responsibilities on the shoulders of any statutory auditor.
Our audit team consist of ever improving set of skilled individuals trained extensively for conducting auditing function. Our auditing team is trained and updated on the ever changing compliance requirements to stay ahead of the curve.
Our statutory audit associates are geared to conduct audit under any applicable statute along with complying with various global standards to ensure usability of audited accounts for most of the interested parties like financial institutions, shareholders, directors, investors, government, bank and general public at large.
- MANAGEMENT AUDIT & MIS
- Management Audit
Re engineering, deregulation and other change-related activities have broken down the traditional hierarchical structures and changed the organizational reporting relationships and management responsibilities. Each of these phenomenon suggests new demands, challenges and opportunities for the management and the board.
Together they emphasize the need for effective, dynamic and competent management audit function. Today management assurance is critical for strong corporate governance, risk management, effective internal control and efficient operations.
We assist in effectively managing business risks by ensuring Flawless Processes, Effective Controls and Complete Compliance to Internal and External Policies, Guidelines and Regulations. These services are tailored to meet individual needs and provide effective support to management in meeting the challenges and opportunities presented by today’s complex business environment.
Our services enable our clients to effectively coordinate key growth with the quality and the operational challenges faced by them.
Management Audit Services Includes
- Due Diligence
- Management Reviews
- Compliance Audit
- Special Fraud & Investigation Audit
- Operational Audit
- Internal Control System study And Evaluation
- IFRS And GAAP Reviews
- Any specific objective Audit
- Management Information Systems (MIS)
MIS Report is basically outcome of Management Audit.
MIS Report Includes
- Monthly and Cumulative Profitability Statements
- Inventory Statements – Opening Stock, Purchases, Sales and Closing Stock
- Cash Flow Monitoring and Reporting
- Budget Monitoring and Analysis Report
- Cash and Bank Transactions Analysis
- Bank Reconciliation Statements
- Budgetary Monitoring and Analysis
- Ratio Analysis
- Working Capital Statements
- Receivables and Payable
- And so on as specified in Scope of services
Internal Audit
Investigation Audit
Management Audit
and then