The scope of the internal audit includes a review of:
• Internal control system and procedures
VJM Global determines if the internal control system is in consonance with the organizational structure. Each control system is analyzed in terms of its cost and benefits, and also that these systems are followed and controlled throughout the period
• Custodian and safeguarding of assets
We review the control systems in terms of that all the assets exist and are accounted for fully, that the assets are properly safeguarded from any losses and also insured. These controls are assessed for both tangible and intangible assets.
• Compliance of policies, plans, procedures, and regulations
VJM Global ensures that an organization complies with all the relevant and set rules, policies, procedures, plans, and regulations. The impact of the change in policies is also monitored. And after all the review and assessment we highlight the weakness and suggest remedies for the same
• Relevance and reliability of the information
We examine the accuracy and reliability of financial and operational records, the usefulness of the reports with reference to the cost incurred, and also highlight the significant and distinctive features of the same
• Organizational structure
We conduct an appraisal of the organization structure to evaluate the harmony between objective and assignment of the responsibilities of the enterprise.
• Utilization of resources
VJM Global keep a check on if the operating norms and standards are established to measure efficient and economic use of resources
• The accomplishment of goals and objectives
We examine if the objectives are expressed in precise quantifiable terms so as to facilitate detailed planning to achieve the set goals. Also, we check periodically if these goals and objectives are updated according to the situation and are achieved to the full.