Archive for April, 2006
Outsourcing The Internal Auditing Function
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There are advantages and disadvantages of outsourcing your company’s internal audit function.
Also, do you know how to measure the performance of the outsourced provider?
I have tabulated below the advantages and disadvantages and some measurements to assess the performance of the outsourced provider.
ADVANTAGES:
1
Skills
If the auditing firm that you [...]
April 30, 2006
Posted in: Financial Strategy, Outsourcing 
One Comment
Outsourcing The Accounting Function ( Part 1)
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In my earlier article, I mentioned about some dinosaur functions in the Accounting function. I further elaborated on share service centre and  outsourcing which can take away the livelihood of the accounting staff. This is because in a big group of companies, the Group CFO is constantly [...]
April 30, 2006
Posted in: Financial Strategy, Outsourcing No Comments
How To Set Up Branches in India
This article is to share with you the procedures to set up branches in India.
Basic reasons for setting up branches in India:
Setting up branches in various states of India is inevitable as it is a very vast country. If you situate your head quarter in say Bangalore ( presently the silicon valley of India) which [...]
April 26, 2006
Posted in: ASIA PACIFIC REGION, India No Comments
SOP On Record Retention
It’s important to have a Statement of Policy on Record Retention.
This is particularly so where you have a number of subsidiaries in different countries where they need to comply with various local regulation like the Inland Revenue. By having a clear-cut policy and procedure, you can demonstrate to outsiders that from the Head Office’s [...]
April 25, 2006
Tags: SOP, Standard Operating Procedures Posted in: SOP No Comments
Internal Control: Information Technology (IT)
Using the salient points below, you can establish an internal control checklist or statement of policy for your company’s Information Technology
General
• Procedures should be defined and documented to ensure the security and proper maintenance of notebooks, computers and computer-related equipment.
• Usage of pirated software within the office premises should not be permitted at all times.
Logical Security
• Access should [...]
April 24, 2006
Posted in: INTERNAL CONTROLS/AUDITS, SOP No Comments
Internal Controls For Bank And Cash
Using the below salient points, you can draw up an audit checklist and or a statement of policy for your Company’s Bank and Cash.
General
Polices and procedures for cash handling and banking controls should be clearly documented and communicated.
The amount of cash kept at the office premise should be within insurance coverage amount.
Banking Facilities
Bank mandates that [...]
April 24, 2006
Posted in: SOP No Comments
Investment Appraisal Method: Understanding Time Value And Present Value Of Money
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In my earlier articles on Payback and Accounting Rate of Return, we noticed that those two investment appraisal methodologies do not take into consideration the time value of money.
So what really is the time value and present value of money and why is so important?
Let’s understand the concept [...]
April 23, 2006
Posted in: Capital Investment Appraisal One Comment
