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Internal Audit

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Binod Raj Singh, CA, MCOM
Binod Raj Singh, CA, MCOM

The document provides an overview of CCN, a consulting firm that focuses on accounting, finance, taxation, and business advisory services. It outlines CCN's mission to enhance client organizations through business process improvement and building trust. The document also describes CCN's values of client satisfaction, excellence, and professionalism. Additionally, it introduces the internal audit services that CCN provides, which include reviewing financial statements, internal controls, cash and bank reconciliations, fixed assets, and taxes. Finally, key management members and contact details are listed.

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Internal Audit
Table of Content: 1. Values/Mission…………………………………………………….2 1.1. CCN Statement of Values………………………………….......2 1.2. CCN Vision Statements…………………………………….….2 2. Ourselves…………………………..…………………………….....3 2.1. Who We Are…………………………………………………...3 3. Work Philosophy…………………………………………………...4 3.1. Service Commitment…………………………………………...4 4. Internal Audit 4.1 Internal Audit Objective.....................................................................5 4.2 Scope of work.…………...................................................………...5 5. People………………………………………………………….…..8 5.1. Key Management……………………….……………………...8 6. Contact us……………………….………………….……………...9 Page 1
Mission/Value Statements CCN is the firm of choice for clients committed to enhance their organizations by nurturing their business processes. We are the architects of programs that build and secure the trust between our clients and their people. By continually analyzing our evolving markets, we provide practical advice that looks beyond the numbers in the world of Accounts & Finance. Our consultants guide our clients through the challenges confronting them today and prepare them for tomorrow. CCN Statement of Values  We  We  To are dedicated to total client satisfaction. deliver excellence, superior quality and value in everything we do. achieve higher standards of professionalism by proactively providing our clients with the highest quality service within pre-specified time limits.  To constantly aim for higher specialisation and to assign appropriately skilled professionals to meet all client specific requirements.  To build teamwork where all members are motivated to work together towards a common objective. CCN Vision Statement  We are the architect of responsive and creative solutions to our client’s benefit, compensation and human resources needs.  Our team combines technical excellence with a superior understanding of client needs and the environment in which our clients operate.  We are committed to work in partnership with our clients that add value and consistently exceed expectations.  It’s a team to team approach, our team working with your team. Page 2
Ourselves Who We Are We are a team of professionals with diverse areas of specialization including Accounts, payroll management, Legal Compliance, Internal control reviews, Corporate Strategies formulation, Tax Advisory, Financial Analysis, Market Analysis & Financial Management services. We at Corporate Catalyst Nepal focus on helping clients design and build tomorrow's organization. We provide real world solutions to complex business issues through Simplified techniques of Accounting process, Re-Engineering accounting system of an organization, Error free accounting report for decision making process, Business valuation studies, Projection of financial statements, Recruitment of Accounting staffs, Assistance in business negotiations and project feasibility studies. Our philosophy has always been to develop and deliver solutions that not just meet but exceed the business expectations of today's global marketplace. We focus on the essential of each task and provide pragmatic problem-solving advice as well as an innovative approach in delivering the desired outcomes to our clients. In rendering our services, we never lose sight of our values: client service, integrity, teamwork and excellence. Page 3
Work Philosophy Service commitment Confidentiality, Integrity & Professionalism are our assets, all our clients are continuously informed about their legal alternatives and the outcome of their decisions proactively. We are committed to our clients and their businesses by providing top quality legal advice and practical solutions tailored to the clients’ immediate and upcoming needs. We keep the confidentiality of all information arising from the client-attorney relationship and of our communication relating to the legal advice provided to our clients. Confidentiality and non-disclosure of information persists the termination of the relationship with our clients. In a highly competitive and fast changing business environment, we take the next step by establishing partnerships with our clients. We believe excellence is a journey, not a destination, and that each success is the starting point for a greater one. Page 4
Internal Audit Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. The professional member of CCN assists you in evaluating your all internal control system and reporting. Internal Audit Objectives     To gain an understanding of the accounting system and related internal controls. To study and evaluate the operations of these internal controls upon which we wish to rely in determining the nature, timing & extent of the audit procedures. To formulate entire audit programme only after having satisfactory understanding of the internal control system and its actual operation. To set a financial system of the organization framing system of accounting Our role is to enable us to know and report to the management on timely basis,            Whether error and frauds are likely to be located in the ordinary course of operations of the business. Whether an adequate internal control system is in use and operating as planned by the management. Whether an effective Accounting department is operating. Whether any administrative work has bear on auditor’s work. For example, when there is a weak control over worker recruitment, there is a likelihood of including dummy names in the wages/salary sheets which is relevant to the auditor. Whether the controls adequately safeguard the assets. How far and how adequate is the management in discharging its functions of correct recording of transactions is concerned. How reliable the reports and records to the management can be. The extent and the depth of the examination that we need to carry out in the different areas of accounting. Determining what would be appropriate audit techniques and audit procedures in given circumstances. Determining what are the areas where control is excessive and weak Whether some worthwhile suggestion can be given to improve the control system. Scope of work 1. Review of last two years audited financial statements. 2. Checking of opening balances with last year audited financials. 3. Sales & Services Page 5
a) Checking of sales/services with sales/service invoices. b) Services provided during the period. 4. Cash a) Checking of cash with cash vouchers. b) Any excessive cash payment as per the policy of the Company. c) Any Negative Cash Balance d) Authorization for cash outward. 5. Bank a) Checking of Bank ledgers with Bank Statements. b) Checking of Bank Reconciliation Statement. c) Expenses through Bank with supporting Vouchers. 6. Journal book a) Checking of Journal Entries. b) Adjustment entries related to provisions of Tax and Liabilities 7. Credit card statement a) Checking all credit card statements if any. 8. Investments a) Checking investment statement if any. b) Calculation of Capital gain/loss incurred. c) Dividend received thereon, if any 9. Fixed Assets a) Checking of fixed asset register and updating of same if not updated. b) Checking rate of depreciation charged. c) Checking proper capitalization of asset purchased during the period. d) Any asset sold, discarded or amortized during the period and proper accounting treatment thereon. 10. Tax a) Checking whether Tax is deducted at the appropriate rate on payments where applicable. b) Checking whether Tax has been deposited on time. c) Checking whether Tax Returns have been submitted on time. 11. Capital Account a) Allotment of new shares, bonus shares etc if any. 12. Sundry Debtors a) Confirmation of balances b) Verification of opening balances Page 6
c) Sales vouching 13. Preparation of periodic financial statements (Balance sheet, P&L & Cash flow statement) 14. Reporting and recommendations to the management on overall financial standing of the organization on monthly basis. Page 7
Key Management 1. Suraj Banjade- Partner Chartered Accountant, Qualified from The Institute of Chartered Accountants of India, having Rich Experience in field of Accounts, Finance, Taxation, Costing, Legal compliance, internal audit, statutory audit, Project feasibility report and Business consultancy. 2. Binod Raj Singh- Partner Chartered Accountant, Qualified from The Institute of Chartered Accountants of India, having Rich Experience in field of Accounting, Payroll, MIS, Internal control reviews, Legal compliance, Statutory Audit of various Domestic and Multinational companies. 1. Chartered Accountant (CA, ICAI) 2. Bachelor of Commerce (B.Com) 3. Master of Commerce (M.Com) 4. CS Executive- ICSI 3. Dipendra Raj Neupane- Partner Chartered Accountant, Qualified from The Institute of Chartered Accountants of India, having Rich Experience and excellent knowledge in field of Finance, Accounting, Taxation, Profitability Analysis, Legal compliance, internal audit, statutory audit, Project feasibility report, resolving accounting disparities in a firm and Business consultancy. 4. Mukesh Adhikary- BDO BBA degree holder, having rich experience in field of marketing and developing business strategies. Page 8
Contact us Corporate Address 5th Floor, E-Block, Baneshwor Plaza, New Baneshwor-10, Kathmandu Telephone +977-1-2239876/ 9851159596/ 9862839459/ 9841882295 Email info.ccnepal@gmail.com Page 9

More Related Content

Internal Audit

  • 2. Table of Content: 1. Values/Mission…………………………………………………….2 1.1. CCN Statement of Values………………………………….......2 1.2. CCN Vision Statements…………………………………….….2 2. Ourselves…………………………..…………………………….....3 2.1. Who We Are…………………………………………………...3 3. Work Philosophy…………………………………………………...4 3.1. Service Commitment…………………………………………...4 4. Internal Audit 4.1 Internal Audit Objective.....................................................................5 4.2 Scope of work.…………...................................................………...5 5. People………………………………………………………….…..8 5.1. Key Management……………………….……………………...8 6. Contact us……………………….………………….……………...9 Page 1
  • 3. Mission/Value Statements CCN is the firm of choice for clients committed to enhance their organizations by nurturing their business processes. We are the architects of programs that build and secure the trust between our clients and their people. By continually analyzing our evolving markets, we provide practical advice that looks beyond the numbers in the world of Accounts & Finance. Our consultants guide our clients through the challenges confronting them today and prepare them for tomorrow. CCN Statement of Values  We  We  To are dedicated to total client satisfaction. deliver excellence, superior quality and value in everything we do. achieve higher standards of professionalism by proactively providing our clients with the highest quality service within pre-specified time limits.  To constantly aim for higher specialisation and to assign appropriately skilled professionals to meet all client specific requirements.  To build teamwork where all members are motivated to work together towards a common objective. CCN Vision Statement  We are the architect of responsive and creative solutions to our client’s benefit, compensation and human resources needs.  Our team combines technical excellence with a superior understanding of client needs and the environment in which our clients operate.  We are committed to work in partnership with our clients that add value and consistently exceed expectations.  It’s a team to team approach, our team working with your team. Page 2
  • 4. Ourselves Who We Are We are a team of professionals with diverse areas of specialization including Accounts, payroll management, Legal Compliance, Internal control reviews, Corporate Strategies formulation, Tax Advisory, Financial Analysis, Market Analysis & Financial Management services. We at Corporate Catalyst Nepal focus on helping clients design and build tomorrow's organization. We provide real world solutions to complex business issues through Simplified techniques of Accounting process, Re-Engineering accounting system of an organization, Error free accounting report for decision making process, Business valuation studies, Projection of financial statements, Recruitment of Accounting staffs, Assistance in business negotiations and project feasibility studies. Our philosophy has always been to develop and deliver solutions that not just meet but exceed the business expectations of today's global marketplace. We focus on the essential of each task and provide pragmatic problem-solving advice as well as an innovative approach in delivering the desired outcomes to our clients. In rendering our services, we never lose sight of our values: client service, integrity, teamwork and excellence. Page 3
  • 5. Work Philosophy Service commitment Confidentiality, Integrity & Professionalism are our assets, all our clients are continuously informed about their legal alternatives and the outcome of their decisions proactively. We are committed to our clients and their businesses by providing top quality legal advice and practical solutions tailored to the clients’ immediate and upcoming needs. We keep the confidentiality of all information arising from the client-attorney relationship and of our communication relating to the legal advice provided to our clients. Confidentiality and non-disclosure of information persists the termination of the relationship with our clients. In a highly competitive and fast changing business environment, we take the next step by establishing partnerships with our clients. We believe excellence is a journey, not a destination, and that each success is the starting point for a greater one. Page 4
  • 6. Internal Audit Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. The professional member of CCN assists you in evaluating your all internal control system and reporting. Internal Audit Objectives     To gain an understanding of the accounting system and related internal controls. To study and evaluate the operations of these internal controls upon which we wish to rely in determining the nature, timing & extent of the audit procedures. To formulate entire audit programme only after having satisfactory understanding of the internal control system and its actual operation. To set a financial system of the organization framing system of accounting Our role is to enable us to know and report to the management on timely basis,            Whether error and frauds are likely to be located in the ordinary course of operations of the business. Whether an adequate internal control system is in use and operating as planned by the management. Whether an effective Accounting department is operating. Whether any administrative work has bear on auditor’s work. For example, when there is a weak control over worker recruitment, there is a likelihood of including dummy names in the wages/salary sheets which is relevant to the auditor. Whether the controls adequately safeguard the assets. How far and how adequate is the management in discharging its functions of correct recording of transactions is concerned. How reliable the reports and records to the management can be. The extent and the depth of the examination that we need to carry out in the different areas of accounting. Determining what would be appropriate audit techniques and audit procedures in given circumstances. Determining what are the areas where control is excessive and weak Whether some worthwhile suggestion can be given to improve the control system. Scope of work 1. Review of last two years audited financial statements. 2. Checking of opening balances with last year audited financials. 3. Sales & Services Page 5
  • 7. a) Checking of sales/services with sales/service invoices. b) Services provided during the period. 4. Cash a) Checking of cash with cash vouchers. b) Any excessive cash payment as per the policy of the Company. c) Any Negative Cash Balance d) Authorization for cash outward. 5. Bank a) Checking of Bank ledgers with Bank Statements. b) Checking of Bank Reconciliation Statement. c) Expenses through Bank with supporting Vouchers. 6. Journal book a) Checking of Journal Entries. b) Adjustment entries related to provisions of Tax and Liabilities 7. Credit card statement a) Checking all credit card statements if any. 8. Investments a) Checking investment statement if any. b) Calculation of Capital gain/loss incurred. c) Dividend received thereon, if any 9. Fixed Assets a) Checking of fixed asset register and updating of same if not updated. b) Checking rate of depreciation charged. c) Checking proper capitalization of asset purchased during the period. d) Any asset sold, discarded or amortized during the period and proper accounting treatment thereon. 10. Tax a) Checking whether Tax is deducted at the appropriate rate on payments where applicable. b) Checking whether Tax has been deposited on time. c) Checking whether Tax Returns have been submitted on time. 11. Capital Account a) Allotment of new shares, bonus shares etc if any. 12. Sundry Debtors a) Confirmation of balances b) Verification of opening balances Page 6
  • 8. c) Sales vouching 13. Preparation of periodic financial statements (Balance sheet, P&L & Cash flow statement) 14. Reporting and recommendations to the management on overall financial standing of the organization on monthly basis. Page 7
  • 9. Key Management 1. Suraj Banjade- Partner Chartered Accountant, Qualified from The Institute of Chartered Accountants of India, having Rich Experience in field of Accounts, Finance, Taxation, Costing, Legal compliance, internal audit, statutory audit, Project feasibility report and Business consultancy. 2. Binod Raj Singh- Partner Chartered Accountant, Qualified from The Institute of Chartered Accountants of India, having Rich Experience in field of Accounting, Payroll, MIS, Internal control reviews, Legal compliance, Statutory Audit of various Domestic and Multinational companies. 1. Chartered Accountant (CA, ICAI) 2. Bachelor of Commerce (B.Com) 3. Master of Commerce (M.Com) 4. CS Executive- ICSI 3. Dipendra Raj Neupane- Partner Chartered Accountant, Qualified from The Institute of Chartered Accountants of India, having Rich Experience and excellent knowledge in field of Finance, Accounting, Taxation, Profitability Analysis, Legal compliance, internal audit, statutory audit, Project feasibility report, resolving accounting disparities in a firm and Business consultancy. 4. Mukesh Adhikary- BDO BBA degree holder, having rich experience in field of marketing and developing business strategies. Page 8
  • 10. Contact us Corporate Address 5th Floor, E-Block, Baneshwor Plaza, New Baneshwor-10, Kathmandu Telephone +977-1-2239876/ 9851159596/ 9862839459/ 9841882295 Email info.ccnepal@gmail.com Page 9