Risk Assurance Services
Financial and business risks faced by the companies are increasing day by day because of the ever increasing complexities and challenges in the financial market. Hence stakeholders require greater transparency in operations and disclosure norms.
With the growing competitive market and proper attention to the corporate governance, Risk Assurance function has become an integral part of the medium-scale organization for proper control.
Keeping this in mind, we at ARSK study the possible risk and its consequences associated with the business/venture and thereby provide proper risk mitigation plan.
Internal Audit and Management Services
| Systems, Control and Process Reviews |
| Internal Audits |
| Concurrent Audits |
| Management Audits |
| Compliance with Clause 49 Provisions |
| Special Audits |
| Trust and Retention Account Audits |
| Compliance Reviews |
Systems, Control and Process Reviews
We leverage our experience and vast knowledge base built during the long years in the practice to review the existing systems, internal control procedures and the business processes while benchmarking them with the industry standards as well as the best practices followed and effectively advise you to achieve best possible efficiencies in the business processes followed.
Internal Audits
With a vast change in the market situation and management demand, internal audit too has changed significantly. Leading organizations assess their risk in operational activities through internal audit function and try to manage such problems for better control.
ARSK & Associates cater to the client's need and provides expert solution for proper internal management. Process improvement, cost saving, revenue enhancement recommendations etc. are some of the features of our internal audit reports.
Management Audits
In the present scenario, organization's success depends upon the pillars, viz, productivity and efficiency of the management.
We at ARSK aim to improve the process within the organization for optimum management performance.
Concurrent Audits
We emphasis to minimize the risk of accidental or deliberate errors and omissions through ensuring strong internal control system and complying with internal operating policies. Our focus lies on safeguarding of assets and segregation of authority over key control areas.
Compliance of Clause 49 provisions
The SEBI had constituted a Committee on Corporate Governance under the Chairmanship of Shri N. R. Narayana Murthy to further improve the standards of corporate governance in India. Based on this report, SEBI vide its circular dated 26 th August 2003, has introduced some major amendments to Clause 49 of the Listing Agreement.
The significant features of these amendments may be summarised as under:
- Broadening of the definition of independent director
- Fixing of norms relating to Non-executive directors' compensation and disclosures
- Additional duty on the independent director to periodically review the legal compliance reports prepared by the Company and steps taken by the Company to improve.
- Obligation on the Board of Directors to lay down a Code of Conduct for all Board members and senior management of the Company.
- Fixation of the term of Non-executive Directors to a maximum of nine years
- Requirement of all members of the Audit Committee being financially literate
- Increase in the powers of the Audit Committee
- Additional duty on the Audit Committee to review of certain information by the Audit Committee
- Requirements relating to Audit reports and Audit Qualifications
- New Requirement of Whistle Blower Policy
- Applicability of the requirements to subsidiary companies relating to composition of the Board of directors, laying of minutes of the Board meeting before the Board of the holding company and additional requirement to be included in the Board report of the Holding Company.
- Disclosure of contingent liabilities
- Additional Disclosures
- Certification by CEO/CFO
- Change in the Format of reporting to Stock Exchanges relating to Corporate Governance
In today's complex commercial world and in the times where the Corporate Governance has become a major area of concern, we at ARSK work proactively with the corporations in ensuring compliance with the requirements of clause 49 so as to ensure that the Companies are prepared to have some of the best Corporate Governance practices around.
Information and Risk Management System
Present day business dynamics necessitates each business process to be totally dependent on various automated systems and processes aided by computer systems, peripherals and software. These are at times very complex and are required to be configured to suit the specific requirements of each business which largely remain unique to each organization. We at ARSK use our expertise to provide our services in the following areas:
- Information Systems Audit
- Information Systems Security Attestation
- Technology Acquisition Support
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