Study of Internal Audit Function with Financial Analysis of I-Cat
Executive summary
Objectives of the study
* This project aims at the advanced and thorough study of internal audit system in the organization including internal controls /systems & processes. * To establish the rationale of internal audit. * To find if the internal audit observations are complied with & corrective actions are taken on timely basis. * To look into the internal audit process and suggest practical solutions for improving the systems & Controls. * Studying the risk-profile of the organization & steps taken by the management to mitigate the risks associated. * Analyzing the external audit reports (Statutory Audit & Audit by the C&AG). * Co-ordination of Finance & A/c with other Departments of Civil, Equipments & Administration. * Steps taken by the management by way of formulating policies. Guidelines & procedures for effective control over various departments after review by audit. * Study of Project Financials along with Published Annual Report of past financial years.
Scope of the study * Internal audit reports * Statutory Audit Reports * CAG Audit Reports * Financial Statements * Day to day activities in F & A * Interface with other dept. etc
Chapter 1
INDUSTRY BACKGROUND – AUTOMOTIVE INDUSTRY
Since liberalization, the Indian automotive industry has emerged as a ‘sunrise sector’. The automotive sector has shown a tremendous potential for growth in the past few years. This industry is actually passing through a defining phase. Due to motorization, increase in need of mobility and availability of competitive automotive manufacturing location on the global map, India is emerging as a growing market for passenger cars.
After the process of De-licensing in July 1991 the Indian Automotive Industry has grown at a spectacular rate of 17% in the last few years. The industry has attained a turnover of Rs 1650000 crores and an investment
Objectives of the study
* This project aims at the advanced and thorough study of internal audit system in the organization including internal controls /systems & processes. * To establish the rationale of internal audit. * To find if the internal audit observations are complied with & corrective actions are taken on timely basis. * To look into the internal audit process and suggest practical solutions for improving the systems & Controls. * Studying the risk-profile of the organization & steps taken by the management to mitigate the risks associated. * Analyzing the external audit reports (Statutory Audit & Audit by the C&AG). * Co-ordination of Finance & A/c with other Departments of Civil, Equipments & Administration. * Steps taken by the management by way of formulating policies. Guidelines & procedures for effective control over various departments after review by audit. * Study of Project Financials along with Published Annual Report of past financial years.
Scope of the study * Internal audit reports * Statutory Audit Reports * CAG Audit Reports * Financial Statements * Day to day activities in F & A * Interface with other dept. etc
Chapter 1
INDUSTRY BACKGROUND – AUTOMOTIVE INDUSTRY
Since liberalization, the Indian automotive industry has emerged as a ‘sunrise sector’. The automotive sector has shown a tremendous potential for growth in the past few years. This industry is actually passing through a defining phase. Due to motorization, increase in need of mobility and availability of competitive automotive manufacturing location on the global map, India is emerging as a growing market for passenger cars.
After the process of De-licensing in July 1991 the Indian Automotive Industry has grown at a spectacular rate of 17% in the last few years. The industry has attained a turnover of Rs 1650000 crores and an investment