MembersOnly – Risk and Control: Ideas for a better tomorrow

Exception Handling Process and Internal Audit

February 12, 2021February 12, 2021Manoj

Recently IIA has re-named the Three Lines of Defence Model as Three Lines Model. This is done to recognise that ‘defence’ indicating value protection, which does not justify the value enhancement role played by Internal Audit.

As an Internal Auditors we frown upon the exceptions, whereas exceptions are the risk that any process carry.

Do you think that a process which has the “exception handling process” which enhance the internal control environment?

Find out the answers?

Speaker at ACFE 2020 Fraud Conference Asia Pacific

September 10, 2020September 10, 2020Manoj

Footfall Tracker/ People Counter

January 13, 2020January 11, 2020Manoj

Footfall Tracker or footfall counter or people counter is basically a device used to count the footfall (people) within a given area. This area can be as simple as area near door to count the people coming in and going out to as complex as tracking people at various shelf in a shop. Footfall tracker […]

Control Self Assessment: Improving internal control environment

March 29, 2019October 14, 2018Manoj

One of the challenge facing internal auditor is to how to improve the control environment? Tone at the top matters. Without that any exercise become a paper, which get tossed around from here to there and people kept wondering why things are not moving! It is important to create tools and use techniques to enable […]

Governance for Approval Matrix

March 1, 2019October 14, 2018Manoj

Approval Matrix is one component of overall governance framework of an organization. It is a very important component, which is defined tightly, will lead to all decisions in the hands of few individuals leading to power and overburden. Defined loosely will lead to lack of harmony in the directions where an organisation wants to go. […]

How to Create an Internal Audit Plan

February 22, 2019October 14, 2018Manoj

An Internal Audit Plan is the work schedule for Internal audit. Lots of thoughts, brainstorming, time gets spent in preparing Internal Audit Plan. Its imperative for internal audit to get it right to ensure that major risk faced by organization are covered. Get Audit Universe Right Getting Audit universe right will be the first step […]

How to create Internal Control Framework for your company

February 15, 2019October 14, 2018Manoj

Companies are required to create internal control framework to ensure that things are working. Company while creating internal control framework want to have number of control as less as possible to ensure that they don’t get red flagged in reviews. Auditors are required to certify that internal controls are working. Auditors while reviewing controls want to have […]

Internal Controls for eCommerce Companies

February 8, 2019October 14, 2018Manoj

Note: This is an extract from another article to focus on eCommerce Companies. Indian companies act 2013 has mandated that CEO and CFO to certify that “internal financial Controls are adequate and operating effectively”. This is also required to be confirmed by external auditors. In my opinion this is what companies / auditors should do: […]

Internal Controls: Companies Act 2013 and Control Catalogues

February 1, 2019October 14, 2018Manoj

Background: I got the opportunity to attend a meeting organised by ISACA and ICAI. The meeting was for launching “Guidance note on Corporate Governance, ERM and Assurance for COBIT 5”. Indian companies act 2013 has mandated that CEO and CFO to certify that “internal financial Controls are adequate and operating effectively”. This is also required to be confirmed […]

Internal Auditor’s Identity Crisis

January 6, 2019December 25, 2019Manoj

In 2018 , one topic has often resonated within professional community Independence of Internal audit. Largely internal audit professionals felt that: There is a lack of support from regulations for internal audit. This lack of support manifests in terms of no specific scope, lack of specific reporting structure, lack of safeguards in case management want […]

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