Risk Advisory & Internal Controls

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Let us help you mitigate your risk..

We assist clients in enhancing risk management; improving performance and operating efficiency while providing the foundation to achieve better business performance. We work to build internal audit into a strategic and productive tool in today's corporate governance environment and simultaneously strive to advise our clients regarding strategic and operational risks. 

Being one of the pioneer firm to perform this crucial function. Our approach makes us one of the best Risk Advisors in the industry which includes: 

• Comprehensive evaluation of internal controls, internal systems and internal processes in organizations and recommending areas for improvement.

• Vastly experienced audit professionals follow a risk-based approach that involves risk assessment of the entity’s business & its key business process. 

• Risk based internal audit helps the risk management function of the entity by providing assurance about the risk mitigation and provides assurance to the management that risk management processes are managing risks effectively, in relation to the risk appetite.

• Approach comprises of a completely independent process, and information technology (IT) internal audit sourcing capabilities that use industry leading practices and deep technical and analytical skills related to core process and related control assessments

Internal Audit is an independent appraisal function established within an organisation to examine and evaluate its activities as a service to the organisation. It is an independent, objectives assurance and consulting activity designed to add value and improve an organisation’s operations. It helps organisation to accomplish objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and government process. 

With the growing global need for transparency, incidents of fraud and violation of ethics could impact businesses in their revenues and reputation. These incidents of fraud and non-compliance may include misreporting, misappropriation/theft, abuse of authority, falsification, conflict of interest, breach of contract, third-party frauds (including vendor, supplier, dealer, customer and business partner), kickbacks, or other regulatory non-compliances.

Our Forensic Service function includes:

Whistle-blower Policy Implementation: JKA helps in formulate or improve an organisation’s whistle-blowing policy in line with global best practices in order to influence genuine whistle-blowers. Our processes helps in creating awareness on whistle-blowing with training sessions, periodic internal communication, ethics-related posters, etc.

Investigations: Gather evidence in whistle-blower investigations or any suspected concerns or policy violations, and identify the perpetrator and quantify frauds to the extent feasible. 

Background checks: Checks for corporates and investors on the target and its promoters, including litigation searches (e.g. if convicted of bribery or another criminal offence), negative media searches and regulatory searches (debarred entities/individuals).

Anti-corruption compliance investigations: Assist in investigations with reference to anti-corruption compliance (Foreign Corrupt Practices Act (FCPA) and UK Bribery Act (UKBA).

Pre-investment anti-corruption due diligence: Conduct anti-corruption compliance reviews on behalf of a parent company or due diligence on the target on behalf of investors based on a proprietary scoring model to enable meaningful decision-making.

Site visit and mystery shopping: Conduct a site visit or mystery shopping to validate the existence of and/or gather information on a particular practice/non-compliance.

Fraud vulnerability assessment: Conduct vulnerability assessments of fraud risks in select processes (including red flags, vulnerabilities and control gaps) for enabling appropriate control mitigation strategies.

Fraud risk assessment and scoring: Conduct comprehensive fraud risk assessment of identified processes and score risks based on the existing level of mitigating controls.

Fraud analytics dashboard: Develop and deploy a rule-based fraud analytics dashboard for select processes, for periodic monitoring of control lapses. We use select tools for analytics (like IDEA Data Analysis) to analyse large volumes of data and identify select patterns/exceptions.

Fraud reporting: Support in structuring protocols for reporting fraud and ethics violations.

Internal financial control refers to the policies and procedures adopted by the company for ensuring

• orderly and efficient conduct of its business, 
• including adherence to company’s policies, 
• safeguarding of its assets, 
• prevention and detection of frauds and errors, 
• accuracy and completeness of the accounting records, 
• Timely preparation of reliable financial information. 

Internal Financial Control is not solely a policy or procedure that is performed at a certain point in time, but rather a continuous process operating at all levels within the Company.

All the Companies in India are required to prepare IFC frame-work and set up internal controls over financial reporting. Section 134(5), Section 143(3)(i) of the Companies Act, 2013 and Rule 8(5) of Companies (Accounts) Rules, 2014 provides legal and regulatory background on its applicability. 

However, post 2015, the Central Government vide Notification No. GSR 464 (E) dated 5th June 2015 as amended by Notification No. GSR 583(E) dated 13th June 2016, have exempted certain class of Private companies.