Internal and Management Audit

Internal Audit (GRC) – ‘ Assurance. Advise. Insight ’

Building a risk-aware and control balanced organization stands as the predominant goal of Internal Audit. Identifying, managing and mitigating risk should be part of everyday activity. The approach here is more comprehensive and coordinated so that you can manage the challenges presented by risk and design appropriate Internal controls. At Profaids we have augmented efficiencies, identified ways an organization can expand and reduce risks and improve Internal Controls.

The purpose of internal audit is fundamentally concerned with evaluating an organization’s management of risk and mitigating internal controls framework. We assist your organization to secure its business objectives by bringing a time-tested approach to evaluate and set right the efficacy of risk management, control and governance processes.

How is outsourcing / co-sourcing with Profaids help your business?

With an eclectic mix of experienced professionals, Profaids Consulting provides comprehensive solutions relating to audit functions either thru complete outsourcing or co-sourcing of existing internal audit function. Outsourcing / Co-sourcing with Profaids carry several advantages

Expert Enablers - In the current fast changing and complex market / economy, organizations find it difficult to develop wherewithal to cover and respond to all aspects of business in a timely manner. With Profaids as your partners, you are assured to have all skills and expertise under one umbrella. We work as expert enablers and bring expert skills to your company to handle such issues.

Independence - Outsourcing with Profaids ensures every operation to come under our expert scrutiny. We are known for independent appraisals and honest assessments with only one vision - your business growth.

A big alternative - In the current scenario, Profaids stands as your next big alternative. We have an amicable partnership with several business consultants who can do wonders for your business. Apart from that, we have our fair share of in-house experts equipped with the necessary technology. We serve as your best possible option in guiding your business towards excellence.

Different perspective - In addition to relying on the available internal resources, you are gaining the expertise of our professionals. This offers you a completely different perspective on your business operations. Certain bigger needs demand a certain set of skills. Our pool of highly skilled resources aids your business in all possible ways. This enables you to find solutions quickly and allows you to transform that into a working business model.

Management Audit ( Operations, Process ) – ‘ Say no to myopic vision & mediocrity ’

Organizations today, big or small, face challenges arising from a rapidly changing risk landscape like Market volatility, geopolitical crisis, widespread economic changes, regulatory reforms and cyber threats to name a few. To face these critical scenarios, Management has to take the right decision every time. The primary hurdle that comes to tackle these challenges is the possible limited understanding of the issue and not accepting it, thus mediocrity may affect the future of organization. Conducting a thorough research on all types of industrial sectors habitually sparkles as our unbeatable USP.

Our team helps the Client develop an advanced management process based on your business. When we help our clients with such better solutions, they are able to set themselves more challenging goals that can deliver more positive results.

Forensic Audit

Fraud Investigation / Forensic Audit – ‘ Formulate and prevent the catastrophes ’

In a massively expanding business landscape, it's quite natural to witness complicated issues. As a full-time business person, we are forced to think of all the possibilities and how catastrophes may arrive. But the real trick lies in confirming whether those suspicions got necessary facts and evidence or not. Our forensic accountants and certified examiners work with your legal team together and conduct a series of audits. This is to investigate the complex issues develop practical solutions addressing the challenges.

It is necessary for the bigger firms to undergo such audits to prevent the catastrophes. Delivering an in-depth analysis in Fraud Investigation process in order to prevent/identify white-collar crimes and revenue leakages stand as our forte. We help clients prepare and operate Whistle blower Policy and act on specific engagements either arising out of Whistle Blower Policy.

Retail Audit

Cloud Audit Network (CAN) is a structured audit executed simultaneously in multi-locations across the country and targets Auto dealerships, FMCG / Pharma wrt Stock management and certification of stales (market returns, expired products), QSR. Reports are delivered in a user-friendly manner at an impressive turn-around-time (36 hours). The big picture narrowed down and delivered graphically using heat map for instant view on health of key parameters like compliance, service standards, inventory and governance.
visit : www.cloudauditnetwork.com

IT Security Audit

IT Security Audit – ‘ Challenge. Achieve. Loop ’

‘Audit’ in IT sector resonates as a surprise inspection pinpointing the susceptible factors in the company. Thus, IT Security Audit involves the examination of the practices, procedures, technical controls, personnel and other resources that are leveraged to manage your security risks. Leveraging our expertise on technology auditing, our security experts thoroughly audit your existing security controls. We have designed certain measures to verify that your existing controls adhere to the best practice standards and applicable regulatory compliance requirements. We establish a security guideline with our annual audits by involving the corresponding business unit managers even before the worst-case scenarios. Rather than just the checklists, we rely on our experience. The final report from us establishes the organization's risks in priority scale.

Procedures and SOP

We design precise and practical operating manuals for various key processes like Procurement and Materials Management, Sales administration, F&A, Contract Management among others. The manuals capture ‘as is’ process and develop a ‘should be’ processes taking care of gaps. We take the raft through diagnostic studies and discuss elaborately with key function heads and operating team to factor their view and finalise manual that meets expectations of User without compromising on key controls. The manuals are designed to empower management to know status of compliance on a point scale and helps in gradual enhancement of compliance.

IFC, ICFR, IndAS

IFC/ICFR – Compliance. Certified. Qualified Reports

The new Companies Act 2013 necessitates the auditors to issue an opinion separately on whether the company has the adequate internal financial controls (IFC) system in place. Profaids helps in constructing the Internal Controls Framework based on specific risk assessment covering the Entity Level Controls and Process Controls in line with the best practices of the industry.

• Design and implementation methodology for periodic self-assessment of defined controls
• Setting up a dashboard / MIS for periodic reporting to the Board / Audit Committee on the effectiveness of IFC / ICFR
• Carrying out an independent assurance audit to assess the design efficiency and the operating effectiveness
• Impart training for employees performing the controls as part of the process on their role towards risk mitigation

IndAS and Financial Reporting

The ICAI has suggested that IndAS needs to be applied by the company, which is preparing their first Certified Financial Statement (CFS). Profaids helps you to crosscheck on the transparency factors over all periods presented from the perspective of the users. We provide a suitable starting point for accounting in accordance with Indian Accounting Standards (IndAS).

Corp Governance, CSR

Regulatory Compliance - The confidence to sign on the dotted lines

Higher levels of transparency, objectivity and professionalism are the challenges faced by the governing board of an organization. They need to ensure adherence to corporate governance standards by placing robust compliance management systems.

Whether you are a financial institution or a publicly traded company, we can provide guidance that blends legal proficiency and industry experience. Our astute and comprehensive solutions include inventive design and implementation of compliance management systems, specialized skills training and evaluation of existing systems and process.

CSR – Humanizing the social investments

At Profaids, we value your thought process of being a responsible corporate. With an in-depth subject matter expertise across diverse industries, verticals and operations, Profaids tends to humanize a company's social investments to inspire an action by channeling and activating Corporate Social Return Campaigns. It is all about creating a social impact through sustainable business practices and capturing the comprehensive outputs and outcomes across each element.

Affirmative Action – Implementing affirmative action planning solutions

Profaids delivers a year-round affirmative action consulting support to address procedural questions and execution responsibilities concerning your affirmative action plans. Having CII and DICCI as knowledge partners, we become a part of your team, handling the minute details while you focus on “big picture” goals and objectives.

With experienced consultants, mastered in the ins-and-outs of the regulations, we ensure you a 100% defensible and audit ready plan. We assure that the primary services like financial management and the ladder to business excellence are laid firmly even for the emerging and micro small businesses. When it comes to these services, they get all the support like the bigger corporate firms.

Startup India/Standup India – Matching passion with the process

In line with the national campaigns, Startup/Standup India, we offer management-consulting services to social ventures right from their early stages. We invest our time, expertise and networks in order to make growth-stage ventures scale and capital ready. Scaling social change models, research and knowledge generation for the field, conducting impact assessments, managing outreach and due diligence for awards and fellowships are some of the assistance we provide for the new breed of entrepreneurs.

M & A, Transaction Support Services

Due Diligence - Precise insights for the right decision

By analyzing and validating all the financial, commercial, operational and strategic assumptions, Financial Due Diligence offers peace of mind. Profaids enhances understanding of the target business by helping you identify and understand critical success factors with the help of buy side and sell side analysts. This involves a comprehensive review of the organization's business plan with respect to the market conditions and competitions. This will help you formulate your corporate strategy and diagnose poor performance, providing a foundation to evaluate new markets and potential acquisition targets.

Valuation & Business Modeling - Projections to enhance to your business

Being transparent during the valuations aid the corporate transactions big-time. Our experienced professionals have the caliber to bring fineness in accounting and taxation to provide you with valuation advice for varied purposes.

Constructing an effective business model for evaluating a transaction or an opportunity knocking the door, sometimes becomes complex. We help you to carry out the model review and other supported activities and to take the key decisions that will augment your calculated outcomes.

Business Excellence & Effectiveness

Through our Business Excellence service, we provide a disciplined approach to innovation, leadership development and value creation that has been already proven as a successful working model. It prepares your organization to move towards excellence.

We believe that the key to success lies in aligning the daily processes in line with the organizational objectives. This can be achieved by adhering to globally recognized measurements and improvement methods. We facilitate you to scrutinize the process gaps and improve process parameters using various methodologies to usher continuous improvement. We can focus on Strategy, Cost Management, TPM / TQM and HR and we adopt either a ‘Workshop’ model or detailed study.

A holistic approach to Business Excellence

Areas for Profaids Workshops – A flavor

• Improving operating margins
• Improving Key/Strategic Business result area
• Finding solutions to any key pain area
• Strategy / Mission
• Customer focus
• Operational Excellence
• Any other functional area like HR rationalisation, etc

M V Shyam Prasad

Founder & CEO

Shyam brings to the audit & consulting practice a hands-on experience in Value Engineering, Market Research, Process and Forensic mapping with a successful track record. He has pioneered value addition and process benchmarking as a core delivery in audits to position Profaids Consulting as a favoured choice for marquee clients in the Indian Industry.

Enjoys watching & /playing cricket, aviation videos and reading John Grisham. Balances VUCA management with Hellen Keller’s optimism “A bend in the road is not the end of the road”.

Professional Experience/Association: 20 + Years / Management and Law Professional. Alumni of UCLA Anderson School of Management (USA). Loyola College & Madras Law College (Chennai, India). Associate member of Institute of Internal Auditors (USA), Associate of Theory of Constraints (TOC), a Dr. Eliyahu Goldratt Institution

S Ramesh

Co-Founder & Partner

He heads Management Audit practice of the firm and partners with Corporate clients in effective outsourcing and stabilization to meet stringent requirements of Audit Committees.

Ramesh had a successful stint in corporate sector with deeper understanding of business dynamics, finance, taxation and brings a realistic perspective to consulting projects. His insight on various ERP platforms provides a sound base for effective utilization of IT Tools for faster and robust conduct of audits.

Apart from facing delightful challenges thrown by corporates on the work front, Ramesh is an avid and very passionate table tennis player, and represents Tamil Nadu at the national level TT Championships (Masters). Also represents Team Profaids in Corporate level tournaments. He believes completely in the fact that TT and exercise daily helps in excellent work productivity.

Professional Experience/Association: 20 + Years / Chartered Accountant, Cost and Management Accountant.

S Gayathri

Director & Partner ( Chennai )

She combines a very bright academic record with best corporate exposure with specialization in Corporate Finance, Risk Management & Taxation working with companies like TVS group, PE arm of Citibank among others. As an active resource person for CA & CWA Councils, she contributes to the profession and guides students and companies in various Company Law/SEBI Compliances like IFRS, ICOFR, IndAS and also helps build the course curriculum.

She is an avid reader and an active speaker at various professional forums like CII, CA/CMA Councils and other Industry bodies. She takes active interest in many sports and especially in Billiards. She and her family actively support their daughter, who is the current World Champion (Girls) & National Champion – Billiards, across all age categories.

Professional Experience/Associations: 20 + years / Chartered Accountant, Cost & Management Accountant. Further she holds a unique distinction of being selected for IAS, IFS twice in a row.

Venkataraman

Director & Partner ( Bengaluru )

He is a Senior Audit Professional with specialization in audit of manufacturing, services, retail and consumer product companies. He is gifted with business and team management skills and ensures value add in every project with high implementation record. He comes with hands on experience in successfully running Sales &Distribution channels for reputed FMCG companies like HLL, Colgate, GSK, Dabur, Cadbury, Pidilite etc.

A left arm bowler, he loves his cricket as much as his audit assignments. He and his family actively engaged in promoting their son, who now represents Tamil Nadu State level Table Tennis.

Professional Experience/Associations: 20 + Years / Chartered Accountant

Mohankumar

Advisor (Due Diligence / M &A)

He brings vast experience in Project Advisory & Evaluation, especially in the area of Infrastructure. He has held senior management positions discharging responsibilities In financial appraisal, business strategy, due-diligence & credit / risk assessments and related tasks for Large Corporate Infrastructure, Project Finance (Energy & Social Sectors), Government and Corporate Advisory and Investment Banking Areas, across India, while at IDFC Ltd, and prior to that with SBI Capital Markets Ltd.

He presents a calm and calculative mind, tenacity in his approach to work, eye for detailing, and a constant drive to stay relevant & remain productive.

Professional Experience/Associations: 25+yrs/BE Mech/PGDM (Finance), IIM-Bangalore. He is a past member of the Ministry level committee, the Inter Institutional Group on Power and Transport, and of the Confederation of Indian Industries (CII) Task Force on Infrastructure / PPP / Sustainable (Renewable) Energy. He has contributed extensive articles to Project Finance International related to Case Studies on Renewable Energy sector.

S Mohan

Advisor (Technical & Operations Audit)

Mohan is a senior Engineering Asset Management professional with a successful track record in Engineering and Implementation of projects & Management of Large scale Continuous Process plants - Fertiliser, Chemical & Fuel / Chemical Import Terminals. He has a unique ability with deep understanding of Plant Management, Finance & ERP, to guage client requirements and deliver outstanding results.

Professional Consultant to several marquee client & corporate groups.

Professional Experience / Associations: 30 + Years / B.E./ Ex GM SPIC

Venkateswarulu

Director (Forensic Audits)

A career investigation auditor, Venkat heads a team of Industrial engineers and forensic specialists, handles Benchmarking and Risk Management initiatives and helps with timely inputs and core process changes for proactive fraud prevention, loss mitigation.

An active Yoga practitioner and humorist, he keeps a tab on frauds, corporate crimes and actively discusses about it in our Intra Company Forum.

Professional Experience / Associations: 25 + Years / Senior Banking Professional, IT Integration Specialist, Associate member of Forensic Examiners.

Saroj

Project Director

Costing Professional with rich experience in Management Audits and Consulting assignments for a diverse and Pan-India client profile. He grew up from an Audit Associate to Audit Director, and commands respect of his clients and team, thanks to his people skill, specialization in process & governance audit and a ready to travel attitude. Prior to joining Profaids he worked with Murugappa Group Finance & Internal Audit.

He is the Master-Chef of our team, who can turn out a gastronomical spread in no time.

Professional Experience/Associations: 20 Years / CMA and Associate member of Institute of Internal Auditors

Debasish

Project Director

Started his career in Corporate Internal Audit and showed exceptional appreciation and presentation of critical processes, IT controls and value addition and led several IIA initiatives.He has successfully executed critical management audits with his in-depth understanding of processes and ERPs like Oracle, SAP.

An ardent food lover and an exceptional guide to good food in North and Eastern India, especially before Google days.

Professional Experience/Associations: 15 Years / Masters in Finance Management

Sundararaman

Director - Audit & Tax

Senior Finance Professional with specialization in Audit and Taxation in reputed manufacturing companies. He was credited with setting up successful processes, controls and systems in various companies and managing them successfully. He specializes in GST and conducts awareness programs to expert counselling in various forums.

Professional Experience / Associations: 20 Years / Cost Accountant. Vice President at SPIC

Ishwar

Director (Business Excellence)

Ishwar is a senior professional who had held positions of CFO, Vice-President in reputed Corporate houses of Murugappa Group, Asian Paints, GMR infra, among others. He adds excellent insight into various businesses with experience in Finance and M&A, Business turn-around, Strategy, Corporate Governance, Risk management, Baldrige Business Excellence model , Knowledge Management and Consulting.

He is a regular Yoga practitioner and walking enthusiast.

Professional Experience / Associations: 20 + years, Chartered Accountant, from AF Ferguson (Mumbai), Qualified Company Secretary and a Fulbright scholar at Pittsburgh University (US)

Rajesh

Sr. Consultant (Productivity & HR Re-organizsation)

Senior HR and Industrial engineering professional, held senior positions in National Productivity Council (NPC) and GMR group. He had successful career with rich contributions in areas of Productivity, Process & Operational excellence, Policy deployment and Value streaming mapping etc.

He holds wide industry exposure from Airports, Manufacturing, Energy, Health & Infrastructure, among others.

Professional Experience / Associations: 20 years/ B Tech and Postgraduate in Industrial Engineering.

Sethu Ramesh

Vice President - Operations (Retail Audit)

He had an exceptional corporate career working with various FMCG majors in their Channel Management and Logistics verticals across India. He heads the Operations of Multi Location Audits & Verification Services module executed under an ambitious Cloud and android enabled platform to offer high quality and homogenous audits with quick TAT across more than 100 cities in India, through our own branches & Certified Audit Partners

An always ready-to-go all terrain traveler and a people manager, he specializes in building and training our retail audit teams across India.

Professional Experience / Associations: 20+ Years in FMCG/Graduate in Commerce

Govindarajan

Vice President (Client Relations)

He has over 25 years of collective experience in manufacturing as well as marketing & sales of product and services related to chemicals, healthcare and education sector, in the domestic and global market. Apart from his penchant for client relations, he has been involved in process and quality audits and he is excited how disruptive technology can transform traditional businesses.

A Table tennis and Badminton enthusiast, he is a voracious reader of fiction and non-fiction, avid movie goer and takes interest in History

Professional Experience / Associations: 25+ Years/BE (Mech)/ISO Internal Auditor (1993 – 2013) / Sr. Manager- Exports(AP, SEA, ME, S Africa)

Rajesh

Sr. Consultant (Productivity & HR Re-organizsation)

Senior HR and Industrial engineering professional, held senior positions in National Productivity Council (NPC) and GMR group. He had successful career with rich contributions in areas of Productivity, Process & Operational excellence, Policy deployment and Value streaming mapping etc.

He holds wide industry exposure from Airports, Manufacturing, Energy, Health & Infrastructure, among others.

Professional Experience / Associations: 20 years/ B Tech and Postgraduate in Industrial Engineering.

Bala Chander

Vice President –Consulting

He has a long standing experience in Audit, Risk Management & Transaction Advisory services in multi product/ services companies with multi system, multi GAAP environment and in different organization pattern viz, Listed, VC funded, Family Managed and Trusts. He has actively participated through steering committees in Group Restructuring initiatives covering Indian & Overseas Entities, Tax & Legislative change transition steps, pre & post system implementation reviews, process improvement initiatives through workflow automation, implementation of Enterprise Risk Management Framework, IFC/SOX effort blend through self certification and Continuous Control Monitoring by process teams.

Prefers traveling to new places and reading religious books

Professional Experience / Associations: A member of ICAI, ICWAI, ICSI with Certification in Systems Audit and About 25 years of experience in Senior management positions at PricewaterhouseCoopers, HCL Technologies, Manipal Group.