internal audit
DESCRIPTION
CCN Internal Audit Programme...TRANSCRIPT
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Table of Content:1. Values/Mission…………………………………………………….2
1.1. CCN Statement of Values………………………………….......21.2. CCN Vision Statements…………………………………….….2
2. Ourselves…………………………..…………………………….....32.1. Who We Are…………………………………………………...3
3. Work Philosophy…………………………………………………...43.1. Service Commitment…………………………………………...4
4. Internal Audit4.1 Internal Audit Objective.....................................................................54.2 Scope of work.…………...................................................………...5
5. People………………………………………………………….…..85.1. Key Management……………………….……………………...8
6. Contact us……………………….………………….……………...9
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Mission/Value StatementsCCN is the firm of choice for clients committed to enhance their organizations bynurturing their business processes. We are the architects of programs that build andsecure the trust between our clients and their people. By continually analyzing ourevolving markets, we provide practical advice that looks beyond the numbers in theworld of Accounts & Finance. Our consultants guide our clients through the challengesconfronting them today and prepare them for tomorrow.
CCN Statement of Values
We are dedicated to total client satisfaction. We deliver excellence, superior quality and value in everything we do. To 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 needsand the environment in which our clients operate.
We are committed to work in partnership with our clients that add value andconsistently exceed expectations.
It’s a team to team approach, our team working with your team.
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Ourselves
Who We AreWe are a team of professionals with diverse areas of specialization including Accounts,payroll management, Legal Compliance, Internal control reviews, Corporate Strategiesformulation, Tax Advisory, Financial Analysis, Market Analysis & Financial Managementservices.
We at Corporate Catalyst Nepal focus on helping clients design and build tomorrow'sorganization. We provide real world solutions to complex business issues throughSimplified techniques of Accounting process, Re-Engineering accounting system of anorganization, Error free accounting report for decision making process, Businessvaluation 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 butexceed the business expectations of today's global marketplace.
We focus on the essential of each task and provide pragmatic problem-solving advice aswell 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.
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Work Philosophy
Service commitment
Confidentiality, Integrity & Professionalism are our assets, all our clients are continuouslyinformed about their legal alternatives and the outcome of their decisions proactively.
We are committed to our clients and their businesses by providing top quality legaladvice and practical solutions tailored to the clients’ immediate and upcoming needs.
We keep the confidentiality of all information arising from the client-attorneyrelationship and of our communication relating to the legal advice provided to ourclients. Confidentiality and non-disclosure of information persists the termination of therelationship with our clients.
In a highly competitive and fast changing business environment, we take the next step byestablishing partnerships with our clients.
We believe excellence is a journey, not a destination, and that each success is the startingpoint for a greater one.
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Internal AuditInternal auditing is a catalyst for improving an organization's governance, riskmanagement and management controls by providing insight and recommendationsbased on analyses and assessments of data and business processes. With commitment tointegrity and accountability, internal auditing provides value to governing bodies andsenior management as an objective source of independent advice. The professionalmember 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 ofoperations of the business.
Whether an adequate internal control system is in use and operating as planned bythe 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 includingdummy 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
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a) Checking of sales/services with sales/service invoices.b) Services provided during the period.
4. Casha) Checking of cash with cash vouchers.b) Any excessive cash payment as per the policy of the Company.c) Any Negative Cash Balanced) Authorization for cash outward.
5. Banka) Checking of Bank ledgers with Bank Statements.b) Checking of Bank Reconciliation Statement.c) Expenses through Bank with supporting Vouchers.
6. Journal booka) Checking of Journal Entries.b) Adjustment entries related to provisions of Tax and Liabilities
7. Credit card statementa) Checking all credit card statements if any.
8. Investmentsa) Checking investment statement if any.b) Calculation of Capital gain/loss incurred.c) Dividend received thereon, if any
9. Fixed Assetsa) 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. Taxa) 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 Accounta) Allotment of new shares, bonus shares etc if any.
12. Sundry Debtorsa) Confirmation of balancesb) Verification of opening balances
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c) Sales vouching
13. Preparation of periodic financial statements (Balance sheet, P&L & Cash flowstatement)
14. Reporting and recommendations to the management on overall financial standingof the organization on monthly basis.
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Key Management1. Suraj Banjade- Partner
Chartered Accountant, Qualified from The Institute of Chartered Accountants ofIndia, having Rich Experience in field of Accounts, Finance, Taxation, Costing, Legalcompliance, internal audit, statutory audit, Project feasibility report and Businessconsultancy.
2. Binod Raj Singh- Partner
Chartered Accountant, Qualified from The Institute of Chartered Accountants ofIndia, having Rich Experience in field of Accounting, Payroll, MIS, Internal controlreviews, Legal compliance, Statutory Audit of various Domestic and Multinationalcompanies.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 ofIndia, 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 firmand Business consultancy.
4. Mukesh Adhikary- BDO
BBA degree holder, having rich experience in field of marketing and developingbusiness strategies.
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Contact usCorporate Address5th Floor, E-Block, Baneshwor Plaza, New Baneshwor-10, Kathmandu
Telephone+977-1-2239876/ 9851159596/ 9862839459/ 9841882295