Entered the era of globalization, companies increasingly are required to create high-quality financial reporting in accordance with Financial Accounting Standards and applicable international standards.

Veda Praxis will assist you in preparing and making financial statements in accordance with current Accounting Standards and align with international standards.

Some of our solution that may able to help you:

Every organization needs to have a sound internal control in place to keep the organization on course toward profitability goals and achievement of its mission, to minimize surprises along the way and to be able to realize its opportunities.

The importance of internal control has been further heightened by the increasing attention given to corporate governance, of which internal control is now considered to be vital element. Sound practices of internal control and risk management enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls and risk management promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements.

Veda Praxis provide internal control advisory that will suit your company’s needs and framework, includes review and analysis of procedures and controls of a specific business process that allow management to identify key risks within their business to enable client’s management implement specific improvement to monitor and manage key business risks within each business process and improve business performance.

Operational audit and special audit is a structured review of the systems and procedures of an organization in order to evaluate whether they are being conducted efficiently and effectively. An operational audit involves establishing performance objectives, agreeing the standards and criteria for assessment, and evaluating actual performance against targeted performance.

Veda Praxis will assist  you for Advising on reliability and integrity of financial and operational information, advising on effectiveness and efficiency of operations, identifying and designing Control matrix, and helps in conducting operational and efficiency audits to evaluate the performance.

The Risk Based Audit is superior to traditional audit approaches for two reasons. First, it focuses on risks, the underlying causes of financial surprises, not just the accounting records. Second, the Risk Based Audit shifts the focus from inspecting the quality of the financial information that is recorded in the financial statements to building quality into the financial reporting process and adding value to the Bank's operations.

The Risk Based Audit, which focuses on both recorded and unrecorded risk, improves financial statement assurance and the financial statement reporting process. The Risk Based Audit focuses on business risk and the processes for controlling these risks. The higher the risk area, the more audit time and client controls are required.

In order to identify your business risks, Veda Praxis will assist you to obtain a thorough understanding of your controls, financial condition, sources of revenues, expenditures, competition and other business risks.

Changes in the regulatory and corporate governance environment have significantly changed the expectations and value definitions that many stakeholders place on the internal audit function. New definitions, requirements and standards are emerging, from both internal and external sources, forcing boards and managers to rethink the roles, responsibilities and relationships between governance, risk and compliance activities.

These issues are being faced by organizations globally. Hence, there is a need to set up internal audit and corporate governance functions that are efficient, flexible, and able to support the organizations to address growth, sustainability and other future challenges.

Veda Praxis can assist you to co sourcing a performance of internal audit activities in collaboration with your internal audit function. Common areas of work for co – sourcing include overall internal audit strategy planning, treasury, niche areas of IT and areas subject to higher risks of fraud.

Corporate impropriety and management fraud the deliberate material misstatement of financial statements by top management has recently come to the attention of the press, the public, and Congress, which has exhibited a strong concern for the state of the system of corporate accounting.

Management frauds are the most crucial of business improprieties because, to a large extent, the health of the capital markets rests on the confidence that financial statements are not fraudulent. Thus, the detection and prevention of fraudulent financial statements are basic to the functioning of the economic system, and they must be ensured by the auditing profession and the business community.

Veda Praxis will help you to prevention and detection a fraud, with create strong an internal control and find a risk business.

Vendor audits carried out to examine and evaluate the quality of vendor management systems, practices, and documentation.

Veda Praxis will help you to increase a perform audit vendor, with making an SOP vendor audit, making Vendor Audit Checklist, monitoring and evaluate vendor audit perform.