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Audit Services

Most Innovative System and process Audit Solution

Glocal Thinkers, is offering the most cost-effective and comprehensive suite of ‘System and Process Audit Services’ for organizations across a variety of industries.

We have developed a revolutionary model after detailed research of the unique requirements of a specific industry to deliver value at the client’s doorstep, seamlessly and hassle-free.

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Huge cost savings impacting profitability

  1. Save up to 50% of Audit costs as there are no charges levied to the client for travel, overnight stay or even day expenses (zero overheads)
  2. This is possible as we have a strong reach through over 600 highly experienced Chartered Accountants and Industry Experts across industries in over 150+ cities of India
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Significant time savings for Audit completion impacting efficiency

  1. Our reach allows us to carry out simultaneous Audits at multiple locations across the country, saving time for the client
  2. Our use of technology also allows faster turnaround of reports by these auditors – all audit questionnaires administered on tabs and smart phones through an App.
  3. Audit reports are smartly archived for the client in a secure cloud based platform. These reports can be managed and searched as and when required.
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Best quality of Audits that impacts overall profitability and value

  1. Our audit model is built around the 6 principles of Objectivity, Clarity, Accuracy, Brevity, Timeliness and Cost Efficiency and thus our recommendations are simple, practical and implementable impacting overall value and profitability of organizations.
  2. Only highly experienced Chartered Accountants and Industry Experts comprise of our Audit teams lending a huge amount of credibility for our observations and recommendations.
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Highest standards of Audit Management, deploying technology

  1. Our cloud based platform provides Managers an organized way of storing and retrieving past audits. This includes images and videos, which are captured for every Audit activity.
  2. Our technology enables Audit Managers and CFOs of organizations have access to live streaming of audits being performed at any location.

Our complete suite of ‘System and Process Audit’

Operational Audits

  1. Evaluation of performance of a particular function or department
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  2. Aimed at assessment of its efficiency and effectiveness.
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  3. Combining elements of financial, IT and compliance audits, and focus on risks pertinent to the specific responsibilities of the audited unit
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  4. Mystery Audit.
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Compliance Audit

  1. Evaluation of the organizations, Head Office, branches, vendors
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  2. Evaluation of the adherence to established laws, standards, regulations, policies, and procedures.
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  3. Combines Financial and non-financial and process audit elements
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  4. Assessment of organization's legal and compliance gaps or corrective measures
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Financial Audit

  1. Assessment and evaluation of the validity and appropriate statement of budgeting and accounting information in financial records and the adequacy of related internal controls, costs, overruns and capital management
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  2. Financial pre-audits to set organizations up for statutory audits
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  1. Purpose is to revisit a past audit’s recommendations and management’s action plans to determine if corrective actions were taken and are working, or if situations have changed to warrant different actions.
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  2. Combines Financial, non-financial and compliance audits and to determine follow-up plans
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Investigations

  1. Inquiry into circumstances surrounding suspected incidents of fraud, misuse of assets, or violations of organizations policies. Investigations are conducted to determine the extent of loss, assess weaknesses in controls
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  2. Make recommendations for corrective action
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IT Audit

  1. Evaluates control related to the institution’s automated information processing systems. IT audits include an assessment of data, networks, hardware, applications, databases, servers, contracts, software/hardware licensing, security, business continuity, access authorization, and compliance with the institution’s objectives, policies, and procedures.
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  2. Goal is to ascertain that IT systems are safeguarding assets, maintaining data integrity, and efficiently operating to achieve business objectives.
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Forensic Accounting and Auditing Services (FAAS)

  1. The purpose of the investigation, in the case of an alleged fraud, would be to discover if a fraud had actually taken place, to identify those involved, to quantify the monetary amount of the fraud (i.e. the financial loss suffered by the client), and to ultimately present findings to the client and potentially to court.
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  2. The following are the types of Forensic Accounting and Investigation services offered by Glocal Thinkers
    1. Corruption frauds that includes conflicts of interest, bribery and extortion
    2. Asset misappropriation that includes cash thefts, fraudulent disbursements, inventory frauds and misuse of asset
    3. Financial statement fraud that includes deliberate falsification of accounting records; omission of transactions, balances or disclosures from the financial statements; or the misapplication of financial reporting standards
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