Management audits provide many & immediate benefits for the company as well as management on executive level. Changes are becoming more frequent and faster & the business world is becoming more complex. To regularly assess your company’s effectiveness, efficiency, productivity and competitiveness is therefore of the utmost importance. Management Audit services aim to provide comprehensive, objective, reliable and accurate assessments of company’s effectiveness, efficiency, productivity and readiness to respond to changes in the macro environment.
Management audits guarantee a true & fair analysis and status quo definition through a neutral third party. Due to the individual feedback about his/her personal strengths and weaknesses the executive manager has the ability to establish a verified basis for his/her further career-and personal development.
Management audits provide transparency regarding management competence and potentials. They offer the possibility for reliable comparisons with other companies about structure and quality (benchmarking). In other terms, management audits serve as an uncommitted basis of decision-making for the assignment and personality development of executive managers.
Area of application of management audits are:
• Merger and restructuring processes focus on how positions should be filled in general.
• Drawing up significant management statements following various changes in strategy.
• Benchmarking / Due diligence analysis is done for the determination of the company’s position among
• Competitors also compared with best practice.
• Advising the company regarding development and succession planning processes.
What Ishtar Traders and Consultants LLP Offers
Ishtar Traders and Consultants LLP specializes in Management Audits, which are primarily conducted to provide the client’s management with a clear, comprehensive and unbiased analysis of the functional efficiency & effectiveness of the organization and to suggest possible areas for improvements. We, at Ishtar Traders and Consultants LLP, to the great extent, believe in Management Audits being a value addition exercise rather than a mere compliance exercise.
Ishtar Traders and Consultants LLP firmly believe in providing value added services through highest levels of professional competence and integrity to its clients. In order to suit the individual client specific requirements our Management Audit services are designed. It provides assistance to clients in managing their key business matters, be it achieving strategic business objectives, meeting operational challenges, in compliance with regulatory norms or managing reporting requirements.
Keeping in mind the Risk Management framework, our management audits adopt “Risk Based Audit” (RBA) approach and other tools and techniques for accomplishment of the audit objectives. Our Management audits focus on:
• Review of existing business processes, policies and practices in order to suggest best practices, including a thorough benchmarking process.
• Critical evaluation of internal controls adopted by different organizations and suggesting areas for strengthening
• Review & assessment of Risk Management Framework and its effectiveness with a view to provide suggestions for strengthening the same.
• Review of existing business processes, policies and practices with a view to suggest best practices, including a thorough benchmarking exercise.
• Providing goal oriented and practical solutions followed by support for its implementation
• Constructive review of operations by keeping the client’s business requirements in focus
• Determination and advising about areas for cost reduction, revenue optimization and improvement in operational efficiency followed by assistance in their implementation
• Confirmation of proper compliance with the various regulatory provisions and operational manuals
• Providing assistance in meeting the clients’ Corporate Governance needs
Our Services Includes
• Co-sourcing and supplementing internal audit function along with the existing capabilities & strengths of the client organization
• Complete outsourcing of Management audit function
• Arranging concurrent audits with dedicated teams for more focused transaction audits as well as on-line auditing/pre-payment audits
• Introducing operational audits through scrutiny of business operations, activities, functions etc.
• Deputation of personnel to strengthen the internal audit function of client organization
• Conducting special purpose investigative audits
• Techno Commercial Concurrent Reviews.