Ways to Strengthen Internal Audit to Meet Stakeholder’s Needs

Internal Audit is one of the critical processes of the businesses. While it helps stakeholders know the exact place where the business stands, the Internal audit also helps in the identification of business operations that need improvement and helps in increasing the revenues its optimisation.
But not all businesses are aware of what impact internal audit has on their business especially its relationship with its stakeholders. Often, the audit report fails to truly represent all the essential data and list all identifiable risks about a business enterprise. In such a situation, stakeholders might lose their confidence such reports or the enterprise itself. As an internal audit is a standard process that helps management to take their decisions, a weak audit report will result in weak decision making. 
At VGNC, we believe that your business must focus on strengthening internal audit process to be aligned to the needs of the stakeholders and to make well-informed decisions. Here are a fe…

How to Maintain Inventory Accuracy: Expert Tips by VGNC

Inventory, physical supplies sold, used or distributed, are one of the most valuable assets for your business. And to keep your business operations running smoothly, you need to track this critical component. Irrespective of the inventory tracking system you use, the accuracy of your inventory is crucial for the success of your business.
In this article, our experts at VGNC will discuss some tips that will help you maintain accurate inventory.

Choose The Right Quality Program
There are a wide number of inventory quality programs such as ISO, Six Sigma, quality management, etc. You need to choose the quality program for your business efficiently. After you have selected the quality program, you need to ensure that everyone in the company understands and supports the program.
Select The Right Inventory Monitoring Method
If you want to achieve accuracy in your inventory, you need to focus on selection and implementation of inventory tracking system. A systematic and faithful establishment o…

Apparel Industry Internal Audit: Technical Guide by VGNC

An internal audit of apparel industry needs assessment of quality, procedures, and systems with a clear view of performance and improvement. Apparel industry is one of the complex industries of India, internal audit needs precision. VGNC has extensive experience in offering Internal Audit and Enterprise Risk Services to clients active in the apparel industry. Today we will discuss technical aspects of internal audit of the apparel industry.

Example of Checklist of Apparel Industry
1. New workers personal file.
2. Salary Sheet.
3. Pay Slip.
4. Resign File.
5. Maternity File.
6. Earn Leave Register.
7. Leave Entry & Register.
8. ID Card Return Issue Register
9. ID card Return Register
10. Proximity card, Software, Grade, Deduction, OT Rate, Calculation of wages (basic rent, Medical Allowance), in time, short leave, attendance Bonus.
11. Workers List for Group Insurance.
12. Trade License.
13. Fire License.
14. VAT Clearance Certificate
15. Income Tax Clearance Certificate.

Although …

Improving Your Internal Audit Reports: Expert Tips By VGNC

A good audit report should lead to essential information and separate the identified risks into those affecting the single business unit and enterprise as a whole. It should also embed links to assist the reader in finding what they need.
All auditors produce reports after completing the auditing process. It is a standard activity expected by management and other stakeholders of the company. The audit report records the result of the audit procedure which becomes the foundation of sustainable growth and improvement in the organization.
If you want to achieve stable growth, you need to focus on making your internal audit reports clear and effective. A high-quality audit report helps the management to make informed and timely decisions.
Why You Need to Improve Your Audit Report
To Increase Visibility
As the audit reports are distributed to the internal stakeholders and external auditor, the reports must provide clear information that is neither overstating nor understating the facts. The …

Ways to Incorporate Strategic Objectives into Internal Audit Plan


Carve Out Efficient Growth Path for Your Business with Internal Audit

In the dynamic Indian market situations, where there is a lot of risk antipathy among the managers and stakeholders but they must take bigger and bolder risks; internal audit can play a vital role.

Over the past decade, bigger companies have struggled to maintain consistent in growth. Similarly, small and medium companies have suffered instability in their earnings and revenue along with a constant threat on their survival in the market.

Understanding the Struggles of Business Organisations
While the market is throwing curved balls at the businesses, top management is growing hostile towards the risk. Managers retreating to short term solutions to problems and increase in bureaucracy have contributed to slow down the performance of organisations.
Another factor that exacerbates the struggle of organisations are growing number of assurance functions. In the past decade, assurance functions including compliance, risk management, legal and audit have doubled up. Government has not only in…

An Expert Guide to Stocktaking and Inventory Accuracy