MIM helps companies to:
- Understand and comply with regulatory requirements.
- Implement the right corporate governance framework in regard to these regulations.
- Establish appropriate compliance practices.
The scope and extent of internal audit and SCR is usually client-specific and is, therefore, rightly viewed by clients essentially as a value-added assignment.
The underlying focus is on identification of the specific needs and risks of an enterprise and accordingly examining internal control framework not only to mitigate but also to manage a whole range of risks.
In the process, the reports responding to the scope set by the client seek to highlight a broad spectrum of business issues and control features such as;
- Supervision of Books of Accounts and overall book keeping system.
- Advise towards management information requirements.
- Implementation of recommendations, as advised in the Audit Reports.
- Identification of performance and profit improvement opportunities.
- Enabling management to carry out properly and promptly their fiduciary and regulatory obligations.
- Obtaining the understanding of existing accounting and internal control system, approved and implemented by the management.
- Checking the compliance of existing accounting & internal control system.
- Continuous periodical reporting to management about non compliance of existing system, weaknesses found and suggesting improvements in the accounting & internal control system.
- Reporting on non compliance of regulatory and statutory requirements.
- Performance of detailed review of internal control system in order to find weaknesses in the system and to perform GAP analysis.
- Assisting system analyst and developers in system analysis, design and development process.
- Implementation of new systems developed and post implementation review.
- Training of personnel in order to understand and use new systems got developed.