Certification Course Internal Audit MasterClass by CA Nikhil Dhingra

Session Plan

What is consulting and its purpose
Business Risk Consulting services - at a glance
General business process - Value Chain
General business process reviews

Order to Cash process flow
How to identify focus areas function, basic navigation & formatting, Paste Special commands,
Understanding key risks and controls in sales budgeting process including setting targets and monitoring against actuals
Understanding key risks and controls in contract management process including execution of contracts, contract repository, and monitoring contractual obligations
Summary of observations in sales budgeting and contract management process

Understanding key risks and controls in customer set up process including customer identification and maintaining customer database
Key risks and controls in credit risk evaluation process including monitoring credit exposure and periodic credit reviews
Performing data analytics around customer master data
Summary of observations in customer set up and credit risk evaluation process

Understanding key risks and controls in customer quotation and price master maintenance process, order processing including recording and managing the sales order
Analysing price and commission master data, sales order report
Summary of observations in price master changes and sales order creation process

Understanding key risks and controls in invoice creation and dispatch process
Understanding key risks and controls in Accounts Receivable monitoring and sales return process
Analysing sales register and debtors aging report
Example of a real-life fraud scenario

How to create an internal audit report - Conclusion
Going through a case study

Hire to Retire process flow
Understanding some key reports and data points in the business process
Understanding key risks and controls in recruitment planning process
Understanding key risks and controls in employee recruitment and selection process including resource identification & selection, candidate background verification and employee onboarding
Example of a real-life fraud scenario - 1
Example of a real-life fraud scenario - 2
Summary of observations in recruitment planning and employee onboarding process

Understanding key risks and controls in payroll master maintenance, employee learning and development process
Understanding and analysing some key reports such as employee master, training calendar and employee attendance data
Summary of observations in payroll master maintenance and employee training process

Understanding key risks and controls in attendance and leave management process
Understanding key risks and controls in payroll processing and accounting process
Analysing some key reports such as employee attendance report, employee in-time and out-time report and payroll register for current and previous period
Example of real life scenario - Absconding employee (continued absence)
Summary of observations in attendance monitoring and payroll processing

Understanding key risks and controls in employee loans & advances and reimbursement process
Example of a real life scenario - Duplicate employee reimbursement claims
Understanding key risks and controls in employee salary disbursements and reconciliation and employee exit process
Analysing some key reports such as employee loan tracker, employee reimbursement claim settlement report, bank disbursement file, payroll output file and full & final settlement on account of employee exit
Summary of observations in above mentioned processes
How to create an internal audit report (Hire to Retire) - Conclusion

Why and when was SOX introduced?
What are the requirements of the SOX Act?
Coverage of IFC and SOX - types of controls
Stages of IFC/ SOX - lifecycle
Understanding entity and account level scoping
Process documentation - Designing a SOX Risk and Controls Matrix, Process Flow Chart, and Process Narrative

Procurement to Pay process flow
Understanding some key reports and data points in the business process
Overview - Creating a snapshot to understand the process

Understanding key risks and controls in procurement planning and budgeting process, purchase requisition, vendor management and vendor selection process
Analysing some key reports in the process such as Purchase Requisition report, Vendor Master and Employee Master
Example of a real-life fraud scenario 1 - Employee is a vendor
Example of a real-life fraud scenario 2 - Vendor Selection
Example of a real-life scenario - Independent quote (cost savings)

Understanding key risks and controls in PO Management, goods/ services receipt and invoice processing
Analysing some key reports such as purchase requisition report, purchase order report, good receipt report and vendor invoice report
Example of a real life fraud scenario

Revision of Complete Course Module
Interview Guidance and Resume Formation
Certificate of Completion

MCQs Based Exam Online - Practical Exam based on Course Module

Meet Your Instructor

CA Nikhil Dhingra

Nikhil Dhingra-is a Chartered Accountant. With over 7 years of experience, Nikhil has handled Internal Audit and Risk Consulting assignments in one of the Big 4s involving intensive data analytics and visualization to provide practical and focused business decisions. His consultancy experience spans across diverse industries.