VGNC Business Solution Private Limited

Why do most successful businesses perform internal audits for statutory compliance? Yes, to an extent but internal audit serves beyond just helping you to comply with taxes and other regulations. Internal Audit process helps you to keep your system effective and compliant. Internal audit service providers in Delhi focus on developing a strategic process that drives your business towards continuous improvement by identifying issues which hinder the growth and smooth operation of your business enterprise. As an internal audit is an opportunity for your business to take one step back and scrutinise their operations and functions, it is crucial that you make efforts to make your internal audit a success. Here are some tips that will help you do so: Start with a Good Design Internal audit is similar to quality management of your products & services – a good design leads to high quality. When you are performing internal audits, it is essential that you p...

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...

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...