Risk Advisory Services

1. Internal Audit

Internal auditing helps an organization towards accomplishing its objectives by intervening into a systematic, disciplined approach to implement internal controls that safeguard business assets, efficiency, effectiveness and overall performance.

Accurate auditing ascertains priceless insight, improvised organizational strategies; ensure management decisions, and identify cost inhibition opportunities. If organizations are thinking of receiving objective and independent assessment, internal auditing services are must.

Internal Audit as a function has to build trust among all the stake holders and hence it is important to have an independent and pragmatic internal audit function. The end result of an internal audit is no longer limited to focusing on the business processes and controls surrounding financial reporting. Internal audit now has a more strategic role. It can create value by identifying enterprise-wide risks, leveraging synergies, monitoring and providing early warning of new risks; there by improving processes/efficiency.

We at PZCS help with accurate audits that give priceless insights and improvise business strategy, management decisions and mitigate uncertain risks. We strive to maintain advance level of professionalism and get to know every aspect of business as well as risk that business face, thus providing a platform to achieve more from the business by providing internal audit services of highest standard on timely basis

Our internal auditing services includes :

  • Comply entire business requirements and make sound business decisions
  • Set provisions for statutory audit services and prepare reports on the basis of procedure
  • Internal control review and audits in accordance with Accepted Accounting Principles
  • Recommend potential improvements for internal controls and financial reporting
  • Ensure quality supervision by making timely suggestions for mitigating risks

2. Internal Financial Controls & Internal Control over financial reporting

Internal Financial Control (IFC) V/s Internal Control over Financial Reporting (ICFR). IFC is applicable to listed companies (Sec 134 of companies Act 2013); however ICFR is applicable to all the companies (As per guidance note issued by ICAI). Both IFC & ICFR are mandatory requirements

Testing of design and operative effectiveness of organisation’s process and entity level controls is significant for an organic growth of any organization. We assist organization transition to a process-based approach for financial control compliance, identifying effective ways to appropriately reduce effort through better risk assessment, scoping and use to technology. Our methodology is based on pragmatic model which ensures effective collaboration, thus bringing to table good understanding of various industries. Benefits of IFC/ICFR include – Definition of clear accountability and Transparency, opportunities to plug leakages, streamlining & standardizing controls and enhancing governance framework.

3. Risk Assessment

Identifying the risks applicable to a business is crucial for the overall growth of an organization. Risk Assessment is the identification and analysis of risks that influence the accomplishment of an organization’s objectives, and determining the risk management processes. Risk assessment involves determining the operating objectives, systematic identification of activities/ events that could prevent a business unit from achieving its objectives. At PZCS, we aim at creating an analytical tool that maps out the potential alarming problems and the preventive measures to overcome these problems by either remediating the same or reducing the impact of the same.

4. SOP Documentation

Standard Operating Procedures (SOPs) is a mandatory component of any business model. SOPs act as the process book that describes a set of procedures and protocols for a particular action. Standard Operating Procedures describe how processes execute as well as detailing the roles, responsibilities and resources that are involved in a particular process. At PZCS, we take care of SOP development by creating it, reviewing it and periodically updating the SOPs which ensures standardization across the board within an organization

5. SOX Compliance

The Sarbanes-Oxley Act of 2002 ('SOX')" entrusts the management of SEC registrants with the responsibility of annually reporting the effectiveness of their internal control structure and procedures for financial reporting, and attesting the financial statements.

Management needs to determine whether the system of internal control in effect as of the date of the assessment provides reasonable assurance that material errors, in either interim or annual financial statements, will be prevented or detected.

Our experience and expertise enable us to provide solid guidance from the start of the SOX compliance engagement by creating long term compliance objectives for our clients. At PZCS, we aim at providing our clients with customized, industry approved approaches that pave the way for our client’s compliance initiatives. We aim at offering cost effective loan staffing, complete SOX teams, project managers/ supervisors and advisory for most industries.