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Internal Audit Services

S.No Services Offered Requirements Key Attributes
Audit Risk Assessment & Risk Based Audit Plan:
1 Analysis of Business & Development of Audit Universe Governance / Regulatory / IIA Standards
  • Enterprise-wide ‘Risk Assessment’ and development of Risk Based Internal Audit Plan that is aligned to the business universe of the Client.
  • Identification of potential risks attached to the Governance Process, System of Internal Control, Products, Policies, Procedures, AML/CFT/CPF Controls, and Regulatory Compliance Standards (Rulebook).
2 GAP Assessment & Identification of Risks Governance / Regulatory / IIA Standards
3 Development of Audit Risk Assessment Governance / Regulatory / IIA Standards
4 Risk Based Internal Audit Plan Governance / Regulatory / IIA Standards
Risk Based Internal Audit Plan, Procedures, Schedules & Reports:
1 Internal Audit Engagement Process & Schedules Governance / Regulatory / IIA Standards
  • Reviews performed in compliance with IIA Audit Standards.
  • Exhibits effective ‘Assurance Process’ before Central Bank during Regulatory Examinations and Inspections.
  • Helps avoid Surprises.
2 Internal Audit Check Lists Governance / Regulatory / IIA Standards
3 Internal Audit Working Papers Governance / Regulatory / IIA Standards
4 Internal Audit Reports Governance / Regulatory / IIA Standards
5 Issues Monitoring Tracker Governance / Regulatory / IIA Standards
Special Assignments
1
  • Special Assignments Planning.
  • Special Assignment Report.
 Governance
  • Customized to the risk events, requirements of Audit Committee, or Business Management.
Surprise Inspections
1 Surprise Inspection Plan Governance
  • Ensure effective maintenance of Controls.
  • Helps avoid surprises and risks of committed Frauds.
2 Surprise Inspection Reports Governance
3 Surprise Issues Tracking Matrix Governance
Policies & Procedures:
1 Internal Audit Charter Regulatory / Governance
  • Defines Independence, Purpose, Authority, Responsibility, and Position of Internal Audit function in the Organization.
  • Documents internal audit procedures.
  • Defines criteria of Audit Categories.
2 Internal Audit Procedural Manual Regulatory / Governance
3 Audit Report Risk Rating Policy Regulatory / Governance
BoD & Senior Management Oversight:
1 Structure of Audit Committee Regulatory / Oversight / Governance
  • Establishment of Board’s Oversight.
  • Enables BoD to provide ‘Knowledge-Based’ strategic direction.
  • Avoids Surprises.
2 Terms of References Regulatory / Oversight / Governance
3 Agenda Items Regulatory / Oversight / Governance
4 Reporting Pack & Presentation Deck Regulatory / Oversight / Governance
5 Structure of Minutes & Circulation Regulatory / Oversight / Governance
6 Audit Committee’s Decisions Tracking Matrix Regulatory / Oversight / Governance
Internal Audit Training Program:
1 Audit Training Program Regulatory Enables Internal Audit Staff to perform value-added reviews.

Services

Regulatory & Governance Standards

Requirements

Solutions Provided by DNM

Risk Based Audit Program

  • 1. Risk Assessments
  • 2. GAP Assessment
  • 3. Risk Based Internal Audit Plan
  • Development of a Risk Based Audit Plan.
  • Identification, evaluation & categorization of risks.
  • Implementation of Risk Based Internal Audit Plan that is aligned to the business universe of the Client, IIA Standards and Regulatory Requirements.
  • DNM increases audit value by performing Audit Risk Assessments and developing Risk Based Audit Plan falling in line with Business Universe of its clients. Our internal audit procedures & practices meet IIA Standards & Regulatory requirements.

Audit Procedures, Check Lists, Testing Schedules, Audit Reports & Issues Tracking System:

  • 1. Internal Audit Engagement Process & Schedules
  • 2. Internal Audit Check Lists
  • 3. Internal Audit Working Papers
  • 4. Internal Audit Reports
  • 5. Issues Monitoring Tracker
  • Reviews performed by the Internal Audit should be Risk Based and be performed in compliance with IIA Audit Standards. To be accepted by the Regulator and Audit Committee, reviews should be performed by the Qualified Professionals falling in line with professional standards and quality of Risk Assessment, Audit Plan, Testing Procedures, Reporting of Results and Audit Working Papers should confirm to the IIA standards.
  • DNM has professionally qualified, experienced and certified experts who may set up your Internal Audit on professional grounds, or, further improve to align it to the best market practices and IIA standards.
  • Our experts have relevant Industry background and hands on experience in the field of Internal Audit and provide independent objective assurance meeting IIA Standards.
  • What distinguishes DNM is the quality of its Consultancy & Advisory services; we do not only identify, document & report risks & controls weaknesses, rather, we work closely with our clients for finding cost effective solutions to address the issues.

Special Assignments

  • 1. Special Assignments Engagement
  • 2. Special Assignment Working Papers
  • 3. Special Assignment Report.
  • Special reviews are based on Audit Committee’s directives, or, Management requests.
  • Scope of ‘Special Audits’ is usually limited and engagement universe is specific to a limited objective.
  • DNM professionals have diversified and extensive experience in Banking and Financial Services Sectors.
  • We perform special assignments that are complicated in nature and require specific skill set e.g: Treasury Audit, AML Audit and Regulatory Compliance Audits, AML Systems Validation etc.

Surprise Inspections:

  • 1. Surprise Cash Inspection
  • 2. Surprise checks on Stocks, Inventory & Fixed Assets.
  • Surprise Cash Inspections are of critical importance for Cash Intensive Industry e.g “Exchange Companies” and also for the Banks and Financial Institutions that deal with Cash.
  • Surprise element of inspections avoids committed risks of misappropriations, frauds, embezzlements, forgery, thefts etc and ensures identification of risks and effective maintenance of Controls
  • DNM may help you to avoid financial and reputational losses and surprises by way of conducting periodical surprise inspections.
  • Surprise inspection procedures help maintain a strong “Fraud Prevention Control Framework” that prevents risks of pilferages, thefts, frauds etc.

Internal Audit Charter, Policies & Procedures:

  • 1. Internal Audit Charter
  • 2. Internal Audit Policy
  • 3. Internal Audit Procedural Manual
  • 3. Audit Risk Rating Policy
  • Internal Audit charterdefines audit’s purpose, mission, authority, responsibility, its independent reporting relationships, scope and requirement to conformaudit practices to the IIA Standards.
  • Internal Audit Policy & Procedural Manual are the documents that set out bench march and procedures Internal Audit should abide by during an engagement process.
  • We develop complete Framework of Internal Audit Department that includes Internal Audit Charter, Internal audit Policy and Procedural Manual customized to your Business Universe, Jurisdiction and Regulatory Requirements.
  • We provide training and develop Internal Auditstaff on Policy and Procedures that exhibits professional practices and ensures effective assurance process.

BoD & Senior Management Oversight:

  • 1. Structure of Audit Committee
  • 2. Terms of References
  • 3. Reporting Deck
  • 4. Minutes & Circulation
  • 5. Audit Committee’s Decisions Tracking Matrix
  • Board’s Oversight.
  • Enables BoD to provide ‘Knowledge Based’ strategic direction to avoid risks.
  • Avoids Surprises
  • Helps develop & maintain Control Environment.
  • DNM designs Audit Committee’s Structure, develops Terms of References (TORs), Reporting Decks and Tracker.
  • We provide training to the Auditors on reporting Material / High Risk Issues for the Audit Committee.
  • We facilitate, train and develop staff on documentation, circulation and tracking of Audit Committee’s decisions.

Internal Audit Training Program

  • 1. Internal Audit Training Program
  • Enables Internal Audit Staff to perform value added reviews.
  • DNM’s specialists train and develop Internal Auditors so that they may perform reviews in accordance with IIA Standards.
  • We train and develop internal auditors on specialized audits e.g:
    • Treasury Audit - Front & Back Office
    • AML/CFT/ CPF Audits& Regulatory Compliance Audits
    • RCSAs, CSAs, PDPL, Risk Management Audits
    • BCP & DRP

Services

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