Assurance & Risk Advisory Service

At Kreston SNR, we understand that the challenges of international competition and the ever-increasing complexity of information flows have amplified the financial and business risks companies face. Growing regulatory requirements emphasize the need for greater transparency in operations and disclosure norms; stakeholders require assurance beyond the traditional numbers.

Globalization of the Indian corporate world has been a key driver in the harmonization of accounting practices in financial disclosure norms. Shareholding patterns in Indian corporates are evolving to strategic investors, private equity investors, and foreign institutional investors, demanding transparent financial statements.

Assurance

Assurance Services are an essential tool available to all stakeholders, including the management, to provide greater assurance of information and an in-depth understanding of the organization’s operations.

Our world-class Assurance Team helps clients navigate regulatory complexity, bolster investor confidence, and strengthen trust and transparency.

Our Assurance Services broadly include the following:

Effective Due Diligence is all about identifying and managing significant transaction issues, as well as anticipating and identifying potentially substantial risk and negotiation issues. As your Due Diligence partner, our objective is to improve the future performance of the organization by forecasting potential risk outcomes and attempting to improve the efficiency and effectiveness of the existing business processes. Our approach is to save time, money, and effort, as well as to help influence the price at the outset of the deal.

Our Due Diligence Services cover the following areas:

  • Independent analysis and evaluation of financial and commercial information prepared at an early stage of disposal or strategic divestment
  • Gathering, analyzing, and interpreting financial, commercial, and tax information in detail
  • Compilation and review of financial information
  • Audit of special purpose accounts
  • Interfacing with purchasers and their accounting advisors on accounting matters and challenging due diligence findings of the purchaser
  • Identifying contract warranties
We perform Agreed Upon Procedures (SRS 4400), which are procedures agreed between the entity and a third party to produce factual and accurate findings about financial information or operational processes.

Risk Advisory

Besides assurance, our state-of-the-art team also offers the following Risk Advisory services

At Kreston SNR, we have developed a one-of-its-kind risk-based internal audit methodology that focuses on the inherent risks involved in the activities or system and links Internal Audit to an organization’s overall risk management framework. It helps provide assurance to the Audit Committee/Board that proper risk management processes are in place in relation to the defined risk appetite levels.

Benefits of a Risk-Based Audit

  • Facilitates adaptation to dynamic conditions through the development of a consistent and comprehensive risk management approach
  • Provides a better understanding and management of risks
  • Provides assurance that important risks are being properly managed
  • Facilitates risk identification and evaluation of existing controls to ensure the best performance
  • Focuses on risks that are not properly controlled and overly controlled
  • Helps manage unexpected events
Special/Investigation Audits are conducted on behalf of Banks, Financial Institutions, Top Management, Judicial Bodies, Special Group of Investors, etc. The audits are conducted as per the agreed scope. The main objective of such an audit is to provide a critical review of a company’s operations and its state of affairs, with a special focus on a particular area.

Our Special Audit approach at Kreston SNR includes:

  • Assessing whether the financial accounts are prepared as per Generally Accepted Accounting Policies, Practices, and Standards
  • A detailed analysis of the accounting statements based on identified contingencies and provisions
  • Identifying the leakages of revenue to the organization, persons responsible for such leakages, and various steps available for recovery
  • Suggesting corrective actions to be taken to prevent such incidents in future
Fixed Assets Management is the process of tagging, monitoring, and maintaining an organization’s assets.

Our Fixed Assets Management services include the following activities:

  • Asset Accounting/Capitalisation
  • Asset Tagging
  • Physical Verification
  • Asset Transfer/Assignment
  • Sale/Disposal of Assets
  • Maintenance of Fixed Assets Register
  • Impairment Testing
An organization, particularly one with a significant workforce and vendors, needs to make regular payments towards reimbursements to its employees and outside parties. By auditing prior to payment, excess/unnecessary money transfers can be avoided. Moreover, outsourcing this job eases core employees’ workload and helps them focus on more pressing issues. Today, leading organizations leverage Pre-Payment Audits due to their importance. A Pre-Payment Audit can better be understood with the phrase “Prevention is better than cure.” Our services in this regard include carrying out regular Pre-Payment Audits of employees’ reimbursement and vendors’ payments to ensure that only legitimate payments are processed, and suspicious transfers are caught before they convert into systematic fraud.

Our Risk Advisory Team helps organizations formulate SOPs for various processes. These include:

  • Fulfilling policy requirements, such as regulatory policies, internal standards, and industry best practices
  • Mapping the applicable policy, standards, and practices to an explicit, step-by-step set of actions
  • Defining the goals that the process will accomplish and breaking these into individual steps to achieve the goal
  • Assigning the roles responsible for carrying out each step
Our Compliance Review Services provide a comprehensive insight into the functioning and effectiveness of management processes. We give independent assurance to the Audit Committee regarding management compliance status. We measure the maturity of the compliance processes by focusing on key statutory and internal assessment areas.

Forensic Accounting & Fraud Investigation

Forensic Accounting and Fraud Investigation are integral to risk management and mitigation.

We provide the following services in this regard:
Our Fraud Risk Management Services are designed to help an organization deal with complex issues of fraud, which, if not addressed, can derail an organization from achieving its potential. Better management of fraud risk and compliance exposure is a critical business priority irrespective of the sector in which one operates. With our team of dedicated, resourceful, and well-trained forensic professionals with deep knowledge, we help protect your organization’s operations from fraud, misconduct, and non-compliance. That, in turn, helps eliminate/reduce reputation risk and commercial loss. Our team helps clients by bringing key practices and offers a strategic approach to aligning corporate values with performance. We follow an effective, business-driven fraud risk management approach encompassing controls that serve three objectives: Prevention, Detection, and Response. It helps clients assess their vulnerability to fraud, reduce fraud loss and revenue leakage by evaluating their existing counter-measures, and develop effective anti-fraud policies, systems, and controls.

Our Fraud Investigation Services include:

  • Investigating allegations of fraud, embezzlement, and theft or suspected money-laundering
  • Investigating loss or theft of intellectual property
  • Investigating suspicious transactions amidst a large volume of transactions
  • Investigating allegations of employee fraud, i.e., kickbacks, misappropriation of assets, and manipulation of financial records
  • Reconstructing financial records

Know Your Customer Services (KYC)

Know Your Customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them.

Know Your Customer policies are becoming increasingly important globally to prevent identity theft, financial fraud, money laundering, and terrorist financing. The objective of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. Our services include reviewing KYC documents to ensure compliance in terms of regulatory requirements and putting in effective controls to build a robust KYC system.

Information System Audit

At Kreston SNR, we also specialize in conducting Information System Audits. Our services include:

An Information Security Policy is a set of rules that guide individuals who work with IT assets. Creating an effective security policy and taking steps to ensure compliance is a critical step to preventing and mitigating security breaches. We assist in making the Information Security Policy practical and enforceable.

An illustrative list of Security Policies:

  • Information Classification Policy
  • Access Control Policy
  • Password Management Policy
  • Log Management Policy
  • Software Management Policy
  • Backup and Recovery Policy
  • Change Management
These are controls applied over the IT environment to ensure the integrity of the data and processes that the IT Systems support. IT General Controls are the foundation for the overall IT control environment as they provide the assurance that systems operate as intended and that output is reliable.

An illustrative list of IT General Controls:

  • Logical Access Controls over infrastructure, applications, and data
  • SDLC Controls
  • Program Change Management Controls
  • Data Backup and Recovery Controls
  • Computer Operation Controls

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