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A Mining Company in the African continent.
Review and examine the Procure to Pay environment of the Entity, Identify potential fraud vulnerabilities through an effective analysis, internal audit and evaluation process, Recommend Control design enhancements in SAP framework, Recommend relevant and commensurate inclusions of automated controls in SAP.
Process gaps and control design challenges were noticed in the following areas of P2P environment of the entity:
Vendor Empanelment, Master Data Maintenance, Quote to Award – Sourcing Process, Purchase Orders and contracts, Receipt Certifications – Quantity and Quality, Supplier Invoicing and Payment Processing .
A step by step approach was adopted for the various process challenges observed and the following were delivered to the stakeholders involved in the respective processes:
End to End Internal Audit report indicating the root cause of the issue, Impact, Possible recommendations for way forward, High Level Executive Summary, Modifications to DOA, KPI Linked Reporting dashboards, Possible SOD conflicts, Vulnerability Assessment.
Procurement Value Optimization, Operational Efficiency and Process Excellence, Process Dashboards by recommending necessary parameters, A detailed Procurement manual adopting the current and best practices across industries.
A Leading Manufacturer of Coffee Products across the Globe.
The key objectives of this engagement would be to provide a CFO office and manage the entire function of CFO in the organization.
Conducting Finance Operations efficiently and effectively.
Managing the assets of the organization by minimizing risks and getting the books right.
Handling the company’s overall direction.
Strategic Business Analyst.
Cash and Working Capital Management.
Cost Containment and Expense Management.
Difficulty in Keeping Internal Controls Lean and Balanced.
Unable to Generate more insights from less data.
Less role of finance function across the organization.
Difficulty in Producing accurate and timely financial reports.
Process area wise risk register was developed, and Gaps were identified across the locations and best practices were recommended to be put in place.
Identified the flow of data across software and interfaces and developed a framework of reporting MIS to Top and Middle Management.
Expanded the influence of finance function by enabling periodical process review with operations team.
Reviewed the information systems and processes and enabled financial transaction process optimization.
Integrated Performance Management.
Financial Closure and reporting optimization.
Balanced and Lean Internal Control Environment.
The key objectives of this engagement would be to build an entity level Risk and Control Matrix (RACM) for the organization and testing of the Internal Control Framework for the financial year.
Develop Risk and Control Matrix across business operations and processes, ‘As Is’ Business Process Documentation, Identify Risks and Map Risks to Business Processes, Develop Control Design Documentation and Evaluation, Identify Operating effectiveness evaluation, Reporting of deficiencies and recommend ‘Should be’ Business Processes.
Understanding of the various data sources in the organization, Unique scenario of handling inventory and fixed assets at customer location, Difficulty in tracking of Spares across the layers of operations, Difficulty in tracking of after sales services and replacement of machines, No periodic review of master data, Multiple quotations not obtained prior to raising of PO / procurement of materials / services, Non-renewal of expired agreements with the customers.
Conducted Business Process Understanding activity and identified the flow of data across software and interfaces, Review of stock in hand & asset at customer locations to be done periodically to ensure excess / short materials & assets as compared to our registers, Periodic review, user confirmation & verification of spare parts available at technical centers / Branch needs to be in place, Visit needs to be categorized in software and billing of the same needs to be monitored by Service and finance department. Replacement of machines needs to be approved by Sales, Service, and finance department and same needs to be captured in Software, Key data fields to made mandatory at time of creation / up-dation of masters. Masters to be reviewed on a quarterly basis for correctness and completeness, All procurements should be backed by valid multiple quotes for requisite materials. If not, justification note should be in place, Agreement tracker with alerts to be maintained to keep track of agreements nearing expiry and actioned upon.
Orderly and efficient conduct of business, including adherence to company’s policies and safeguarding of its assets, Helps in the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.