About Profaids

Profaids is a boutique consulting firm specialising in Management & Internal Audits, Business excellence and Forensic audits for 20+ years. It also has a Retail Audit Division under the Brand name 'Cloud Audit Network' serving Auto and FMCG companies.

Profaids Consulting is born out of an idea and a much felt need of Clients to look forward to 'value addtion, cost optimisation' apart from Risk and Governance. Deliverables towards this is rendered by Profaids thru its multi-professional team of 100+ personnel comprising of CAs, Cost Accountants, Industrial Engineers, HR professionals, IT, Forensic experts and Management professionals.

It has Pan-India presence in all metro cities for serving marquee clients with high customer satisfaction.

The team at Profaids is guided by one unifying goal in common - an ingrained attitude to add value in every single assignment bringing efficiency, effectiveness and economy to the client. Profaids provides rich technical knowledge and extensive industry experience to assist clients in addressing business issues that goes beyond providing traditional audit services.

Our Professionals work alongside the client stakeholders to provide independent appraisal in areas like finance and transactions, operations, governance, risk and compliance through a customer-value centric approach and bring to fore, value add in line with the practical, cultural and legal landscape that the client operates to deliver key business requirements optimally.

Services Offered

Industry Exposure

Profaids audit practice was forged in the crucible of extraordinary and process driven corporate groups like Murugappa, Thermax, Birlas, Triveni, Valeo France, Bonfiglioli Italy etc with which it had lasting relationship. We have invested years in various verticals to gain industry specific expertise to service diversified clients’ requirements with high value add and management acceptance.
  • Auto, Aerospace, Agriculture, Apparels
  • Bank - Financial Products, Mutual Funds
  • Cement, Chemicals
  • Engineering, Energy, Electronics, Education
  • Fertilisers, FMCG, Food Processing
  • Health care, Hospitality, Home Appliances
  • Infrastructure, IT, ITES
  • Logistics – Transport, Warehouse, Container Freight Stations
  • Marketing, Mining, Manufacturing: various
  • NGOs
  • Outsourcing, Shared services, Contract Maintenance, FMS
  • Pharma, Polymer, Plantations, People Supply Chain
  • Realty, Retail
  • Sugar, Steel, SCM
  • Telecom, Trading & Distribution
  • Water Treatment, Windmills


  • Weak process controls in AP in a large engineering company with significant vendor base was exploited by insiders resulting in total failure and revenue leakage of few millions was identified and process was strengthened and risks mitigated.
  • Post implementation of ERP in a manufacturing company with multiple Users, adequate security protocol was not established along with inadequate User Licences on cost optimisation grounds had severely impacted the very essence of ERP thru compromising Access controls leading to manipulation of various data, revenue leakage.
  • System to charge off the procured items (high value & recurring) as expense at receipt stage in a manufacturing company without physical routing thru Stores and inventory control created an environment of high risk exposure towards booking of fake purchases manipulating User certification.
  • Money siphoned off by Head of finance was booked as current assets under Taxes paid account and charged off as expense in a phased manner. Forensic audit reveals that the payment was by DD and could go thru as the Finance Head was single signatory for cheque signing for that bank account. Also, no periodic reconciliation was carried out of the Taxes paid account for over two years and treated as running account.
  • Engineering Industry – Over engineering and items without functional needs were tapered down leading to significant cost reduction
  • Fertiliser and Cement industry - Standardisation of Packing dimensions and thickness aligned to actual need had reduced the overall packing cost by 15% with realised savings running into Millions
  • Auto Industry – Pricing for components was made without reference to Target cost sheets and significant excess price passed on to vendors. Import substitution price was continued even after localization
  • Capital Goods Industry, Auto & Engineering - HR Realignment using Need-analysis and improving productivity via balancing skill reduced the HR cost from 16% to 9% of sales
  • Governance & legal compliance standards were institutionalized and compliance was improved by defining milestones to the needed levels to satisfy Audit Committee standards as well as central and state government legislations.
  • Non-closure of payroll account of resigned employee in ERP and also retention of ATM / Debit Card of the employee with the payroll processing person leads to continuation of salary processing of the relieved employee and the money was drawn from the Bank account by the HR person using ATM Card. Further, audit also revealed collusion of finance and HR executives in hiking of specific person’s salary manipulating the Master


Management Audit - Pan India in Metro Cities
Retail Audit - Pan India / Middle East / South East Asia

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