The document summarizes different types of internal audits, including due diligence audits, environment audits, social audits, management audits, sustainability audits, human resource audits, and XBRL audits. For each type of audit, it provides a brief overview of the purpose and focus, such as checking for compliance, assessing the gap between community needs and resources for local development, and evaluating whether management strategies are reflected in operations. The document also notes benefits of some audit types like presenting reports electronically and reducing manual intervention.
1. WHEN IS THE LAST TIME YOU DID
SOMETHING FOR THE FIRST TIME
2. Welcome to the session
• Module XVIII (2 p.m. to 5 p.m.) : Other Types of
Internal Audits·
• Due Diligence·
• Environment Audit·
• Social Audit·
• Energy Audit·
• Management Audit·
• Sustainability Audit·
• Human Resource Audit·
• XBRL
4. DDR
• Due Diligence
• Beyond books
• Beyond accounts
• Outside office investigation
• Department search
• Auditor is a blood hound and not just a watchdog
• Liaison between FDDR & LDDR
• Tertiary DDR
• Decision making not recommendatory
• Future valuation- impact of DDR
• What is materiality to do in this case?
• Checklist
• Model DDR report, CP, CS and Indemnity issues
• Formats/ Check lists/ Proposals can be shared
6. Environment Audit & Energy audit
• Inclusion of financial and non-financial data in a
single report
• Not a responsibility- a duty
• Resources are scarce and are we using it wisely
• Whether there are any alternatives?
• Reporting is not mandatory
• Doing something to stop global warming
• Being a catalyst
9. Social Audit
• Used by government departments, private enterprises
• If government is actually benefiting the people
• Need: because there is a gap between what the people
need, what the government thinks and what is actually
done.
• Assessing the physical and financial gaps between needs
and resources available for local development.
• Social audit is based on the principle that democratic
local governance should be carried out, as far as
possible, with the consent and understanding of all
concerned. It is thus a process and not an event.
10.
11. Management Audit
• If management thoughts are reflected in operations
• Vision monitoring
• Link operations -> MIS-> Strategy-> Vision
• Check the gap in 3
• Specific purpose audit
• It is a Business audit not an assurance audit
• Kurlon case
• Personal experience in construction industry
• Periodicity not defined
• Need not be reported
• Just for internal purposes
12. Sustainability audit
• Planning
• Market-> China-> Raw material-> alternatives-> BPO-> Cassette (piracy)
• Environment-> Agra industries-> Iron ore in Karnataka->Banian factory in
Tirupur
• Law-> plastic bottle ->KFC-> barrack obama
• Succession plans-> will-> family arrangement
• Technology-> Kodak v/snokia-> Ambassador->Dhingana.com
• Culture-> Fashion
•
• Infosys (salient features)
• Growth is linked to ecosystem- employees and business partners, local
communities and the environment.
• Three areas: 1. Social contract, Resource efficiency, Green innovation
13. HR Audit
• Compliances
• Hr policies linked with sustainability
• Documentation
• Impact of PMS on retention
• ESOP audit’
• Payroll audit
• HR accounting and capture of data
• Time management and Time sheet
• HR with vision of the company-> quantity v/s Quality
14. XBRL Audit
• From statistical testing to 100% testing
• Creating conditions for the transition to a continuous
auditing model
• Combining data from multiple systems
• Presenting any kind of report at ease
• Eliminate or reduce manual intervention
• Reduced risk
• Electronically available information
• develop standardized, shareable and electronically
executable internal audit programs
