Process Audits

Introduction

One of the key offerings of CRP's Internal Audit and Consulting Services is Process Audits. Process non-compliance or process breakdown is often a cause of inefficiencies or fraud possibilities creeping into the system. Thus, for corporations, it is not only enough to set up processes but it is also essential to ensure strict compliance on a regular basis.

CRP's Process Audit ensures stringent compliance to pre-set processes of an organization. Along with conducting a process audit, the team follows a consulting approach whereby, it helps in setting up customized compliance processes for different functions and divisions in an organization. Thus, the team provides an 'end-to- end' solution approach to process compliance.

Another key area of CRP's Process Audit is in the area of IT and Technology risks. The all-pervasive nature of information technology in business and the resultant dependency on it has made it a key source of process breakdowns.

How Process Audit is carried out?

Process audit is a key internal control tool for managements and company boards to ensure that daily business operations are being carried out as per laid down rules and procedures. Thus, risk based Process Audit involves a host of activities like collection and analysis of data, physical verification and reconciliation of data generated, based on agreed standards. Thus, Process Audits also ensure that data collected by analysis of the entire or selected process of a company is used for further enhancing the efficiency and usability of the process.

The cornerstone of CRP team's end-to-end solutions approach is obtaining a good understanding of the client's business process and objectives including organizational structure, systems & processes, applications and data input and output. Key processes which are risk prone and are critical to meeting the business's objectives are evaluated by using qualitative and quantitative information.