Internal Audit
The principal purpose of internal auditing is to provide insight into an organization’s culture, policies, and procedures by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with relevant laws or regulations. Internal Auditors’ function includes supervising, evaluating, investigating, and analysing the risks & controls; checking and ensuring information and compliance with policies, procedures, and laws. KSG Risk Advisory Team provides the Management with independent assurance on the organization’s internal controls, risk management strategies and governance are operating effectively.
Our Internal Audit Service includes:
- Assessing the Internal Control, Policies & Procedures
- Assisting management in the evaluation of internal controls
- Evaluating process performance and managing risk effectively
- Assessing the overall regulatory compliance
- Identify the core operational risks and mitigation strategy for these risks
- To evaluate evidence in connection with the situation and issues
Standard Operating Procedure (SOP)
A standard operating procedure (SOP) is a set of step-by-step instructions compiled by an organization to help it in carrying out routine operations. SOPs provide a sequential order to an organizational process, and keep them documented in an easily accessible and comprehensible manner. SOPs aim to achieve efficiency, quality output and uniformity of performance, while reducing miscommunication and failure to comply with organisation policies and industry regulations. We at KSG Corporate Services help organizations develop SOPs that improve the process and internal control efficiency and help businesses function seamlessly.
Our Standard Operating Procedure (SOP) Service includes:
- SOP for Revenue Section
- SOP for Procurement Section
- SOP for Human Resource Section
- SOP for Finance & Accounts Section
- SOP for Management Authorisation
- SOP for all the critical business processes
Forensic Audit
In increasingly complex business surroundings, the full gamut of white-collar crimes is difficult to uncover even as they impose significant stress and strain on business. Forensic audits cover a large spectrum of investigative activities such as financial fraud, cyber security threats. There may be a forensic audit to prosecute a party for fraud, embezzlement or other financial crimes. The auditor may be called in during the process of a forensic audit to serve as an expert witness during trial proceedings. Forensic audits could also include situations that do not involve financial fraud, such as bankruptcy filing disputes and closures of businesses.
Our Forensic Audit Service includes Investigation for:
- Financial Irregularities Investigation
- Asset Misappropriation Investigation
- Cyber Security Threats Investigation
- Abuse of Process and Policies Investigation
- Abuse of Authority/Power Investigation
- Fraud Risk Assessment
Internal Control over Financial Reporting (ICFR)
Our ICFR compliance framework includes:
- Conduct business understanding and identify applicable laws and regulations
- Identifying financial reporting elements, critical processes, supporting systems
- Assess the applicability of each regulation to the entity’s Operations
- Assign a process owner to each compliance requirement
- Prepare Risk Control Matrix (RCM) & Process Flowcharts for all applicable compliance
- Suggest remedial action for gaps identified, in line with leading practices
- Provide checklist updates mapped to the compliance tool
- Handhold for a limited time period
Enterprise Risk Management (ERM)
Modern businesses face a diverse set of risks and potential dangers. In the past, companies traditionally handled their risk exposures via each division managing its own business, however Enterprise risk management (ERM) is a methodology that looks at risk management strategically from the perspective of the entire firm or organization. It is a top-down strategy that aims to identify, assess, and prepare for potential losses, dangers, hazards, and other potentials for harm that may interfere with an organization’s operations and objectives and/or lead to losses. KSG Enterprise Risk Management Services (ERM) in the UAE can help an organization implement a sustainable ERM program.
Our Enterprise Risk Management (ERM) advisory includes:
- Assessing current state of risk management practices
- ERM framework development and review
- Development and review of risk appetite statements
- Assessment of Key Risk Indicators (KRIs)
- Risk reporting templates based on the ISO, COCO and COSO, the leading risk management standards.
- Disclosure requirements as per the new standard
