VGNC Business Solution Private Limited

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...

  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 ...

Internal auditingteams must check whether or not your company is incorporating its strategic objectivesin audit plans and other operational concerns. Your company will face existential risk due to strategic risks . Strategic risks may cause 80% damage to your company’s market share. Often, internal audit teams spend the majority of their time on operational and financial audits ignoring the strategic risks. Although all these areas are crucial, audit teams need to incorporate your company’s strategic objectives into their audit plan. This will help you to gain an insight of whether or not your company is on the right track or not.  At VGNC, we believe that internal audit is incomplete without incorporation of strategic objectives. Today, we will discuss a few methods using which you can incorporate your company’s strategic objective in your audit plan. Bottom-UpApproach One of the popular approaches used in investing, this method can help you to ensur...

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 no...

  Having problems with inventory accuracy is one of the most common problems faced by retailers. If you this issue can be solved by implementing additional technologies or systems, you are wrong. Although retailers implement various tips and tricks, they cannot eradicate the accuracy issues in stocktaking and inventory. This is primarily because of implementation issues. Poor implementation system might worsen the inventory accuracy situations. If you are planning to implement additional systems to achieve accuracy, we want you to think again. VGNC has extensive experience in the retail industry which allows us to isolate best practices. As trusted experts, we suggest that you need to get your basics right before adding anything new. In this article, we will give you a guide to streamlining your basics to achieve inventory accuracy. Let’s get back to basics. A BriefUnderstanding of Basics If you are trying to list down the basic aspects to maintain highe...