Banking, Financial Services and Insurance

Banking, Financial Services and Insurance

Our service offerings for the BFSI industry:

Agency for Specialized Monitoring

Due to various other factors including fraud and diversion of funds, had ultimately resulted in piling up of huge amount of Bad Debts within the Banking Sector. The Govt. of India, in order to keep a latch on fraudulent activities and to prevent diversion of funds, has introduced the ASM (Agency for Specialised Monitoring) Mechanism. We have empanelled with Indian Bank’s Association as Specialized Monitoring Agency and we assist the banks to closely track the activities of the debtor (borrowers) including purchase/invoices, actual production vis-à-vis projections, high value transactions/ payments as regards beneficiaries and purpose, cash inflow/ outflow.

Agency for Specialized Monitoring
Statutory Audit
Statutory Audit

We are the Branch statutory auditor of a leading public sector bank. The audits have been conducted in accordance with the guidelines issued by the Reserve Bank of India and The Institute of Chartered Accountants of India. Our approach has been based on stratified sampling drawn on the basis of exposure of the banks and past performance of the branches. We have also verified the controls from an information security risk perspective.

Stock Audit

We have been involved in stock audits of various public sector banks. We have exposure in industries including Leather, Engineering, Textiles, Software, Retail trade and other manufacturing industries.

Revenue Audit

We have conducted revenue audits for various branches of Indian Overseas Bank and Punjab National Bank. We have identified areas of revenue leakages and suggested methods for mitigation.

Compliance audits

The firm has handled assignments pertaining to statutory compliance requirements mainly in regard to taxation for a few banks. We have been involved in verification of documentation and compliance audit in respect of vendors for a leading multinational bank.

Concurrent Audit

As part of the concurrent audit, we verify compliances to various requirements of the RBI regulations including KYC norms, AML Guidelines compliance to systems and controls and documentation. Our approach is from a systemic perspective and we identify potential non- performing assets with suggested mitigation measures.

Concurrent Audit
Information Systems Audit
Information Systems Audit

Our team has been involved in the information systems audit for a leading financial institution besides carrying out Information Systems Audit for branches of Public Sector Banks. The audits are done in accordance with security standards provided in ISO 27001 and the controls suggested by Reserve Bank of India. The audit involved the testing of various controls and verification of compliances including the functioning of the Disaster Recovery Site (DRS) and the Business Continuity Plan (BCP).

Sarbanes Oxley audits

The firm has done SOX audit for a leading private sector bank.

Techno-Economic Viability Studies

The cross functional team and the access to a network of technical professionals, on a need-based approach, enables the firm to undertake Techno-Economic Viability (TEV) Studies for organizations that are in the process of approaching banks / financial institutions for debt-based funding for their projects.

Due diligence audits

We are involved in due diligence audits of Non- Performing asset accounts of banks for takeover on behalf of Asset Reconstruction Companies. The assignments are carried out to enable asset reconstruction companies to arrive at a fair valuation for the assets to be taken over. The audits are conducted for accounts of various public sector banks. Due diligence audits have been conducted at a number of private sector and multinational banks in respect of channel financing; securitization of home loans and supply chain financing.

Call Centre audits

We are involved in the process and security audits in respect of the call centres operating under contractual agreement with the Banks.

ISO Audit

The senior partner Mr.R Venkatakrishnan was involved as an accredited lead auditor for a leading certification agency in respect of ISO for the various public sector banks

Nodal Audit

We undertake the audit of Nodal Account maintained by the E Commerce Operators as per the Guideline issued by Reserve Bank of India (RBI). It includes verification of Permissible debit and credits into Nodal account, monitoring its operations are in line with the guidelines by RBI. Further we will check the Settlements are made to the vendor within the timeline stipulated by RBI. We also verify the E Commerce operator’s E-Wallet as per the Prepaid Instrument (PPI) guidelines issued by RBI and KYC of the Customers having transaction being Rs. 1 Lakh and above. In addition, we undertake the verification process with respect to Intermediary Payment Gateway (Online Payment Portal) to ensure that the transactions taken place are in line with RBI Guidelines. We have experience in Risk control self-assessment (RCSA) as per the Guidelines for market Place issued and monitored by RBI.

Nodal Audit

For More details or clarifications

Head Office Location

No.147, Rajparis Trimeni Towers

GN Chetty Road,TNagar, Chennai- 600017.


Email Us

Contact Us