Shradha Tiwari

Internal Audit for the Largest FMCG Company (Factory Operations).

Scope: Comprehensive review of factory operations, covering:

• Procurement: Assessed procurement of raw materials and essentials.
• Quality Control: Evaluated controls to ensure product quality standards.
• Finished Goods (FG) Dispatch: Reviewed dispatch processes for accuracy and timeliness.
• Inventory Management: Checked inventory practices for efficiency and accuracy.
• Fixed Assets: Audited fixed asset management and tracking.
• RGP/NRGP: Reviewed Returnable and Non-Returnable Gate Pass processes.
• Scrap Sales: Evaluated procedures for scrap material disposal.
• Statutory Compliance: Ensured adherence to applicable legal and regulatory norms.

Warehouse Operations Audit

Scope: Focused on compliance and operational efficiency in the following areas:

• Contract Labor: Reviewed employment and management practices.
• FG Dispatch: Assessed the accuracy and efficiency of goods dispatch.
• Inventory: Audited inventory management at depots.
• Statutory Compliances: Verified legal and regulatory adherence.
• Reimbursements to CFAs: Evaluated payment and reimbursement processes for Clearing and Forwarding Agents.

Continuous Control Monitoring (CCM) – Large Airport Operator (UAE)

• Performed a CCM audit for the Procurement function.
• Reviewed exception reports and tested 20 or more defined controls.
• Conducted root cause analysis for deviations.
• Provided actionable recommendations to close identified gaps, and streamline processes.

Designing and updating Standard Operating Procedures (SOPs) for a tire manufacturing company

• Designed SOPs covering Procurement, Recruitment, Fixed Asset Management, Countervailing Duty (CVD), and Anti-Dumping Duty (ADD).
• Updated existing SOPs for functions such as: Logistics, Production Planning, Invoicing and Documentation, Physical Verification, Scrap Sales, Stores Operations, and Finance and Accounts.

Enterprise Risk Management (ERM) project for an aluminum cast alloy manufacturer.

• Developed a comprehensive risk register addressing internal and external risks.
• Conducted interviews with department heads to assess key risks and challenges.
• Integrated findings into risk assessments and suggested mitigation strategies.

Executed F&A audit for a pharmaceutical client, covering areas like General Ledger Review, Accounts Payable, and Accounts Receivable.

Bank Reconciliation, Journal Vouchers and Adjustments, Fixed Assets Accounting, Statutory Payments and Compliance, Month-End/Year-End Closing Procedures.

Expense Audit

Scope: Reviewing major expense heads (e.g., travel, utilities, office expenses).

• Verifying supporting documentation, like bills, approvals, and receipts.
• Testing for duplicate or non-business-related expenses.
• Ensuring expenses are appropriately accounted for and classified.
• Checking for compliance with internal limits, delegation of authority, and approval matrix.

Payroll Audit for an IT Company.

Scope: Cross-checking employee master data, salary structures, and payroll calculations.

• Reviewing attendance, leave, overtime, and bonus calculations.
• Verifying statutory deductions like PF, ESI, TDS, and professional tax.
• Ensuring timely payment of salaries and statutory dues.
• Evaluating confidentiality, segregation of duties, and access controls in payroll systems.

Preparing Details for Income Tax & GST Scrutiny Assessments

Scope: Collating and reconciling data related to sales, purchases, expenses, and returns filed.

• Preparing explanations and supporting documents for disallowances, reconciliations, and queries.
• Assisting in drafting replies to tax notices and liaising with consultants or legal advisors.
• Ensuring all documentation is in line with statutory requirements and available for submission on time.

Internal Audit & ICFR Testing – Consumer Products Company

• Procure to Pay (P2P): Reviewed procurement procedures, purchase orders, goods receipt, invoice processing, and payment authorization. Assessed internal controls for effectiveness, efficiency, and policy compliance.
• Order to Cash (O2C):
  Examined sales processes including credit approvals, order fulfilment, invoicing, and cash sales.Verified revenue recognition and accuracy of order processing.
• Property, Plant & Equipment (PPE):
  Audited controls over acquisition, usage, maintenance, depreciation, and disposal of assets. Ensured proper authorization, safeguarding, and accurate asset records.
• HR-Payroll Function:
  Reviewed employee onboarding, attendance, payroll processing, tax deductions, and regulatory compliance. Ensured accurate payroll computation, timely payments, and adherence to HR policies and statutory requirements.

Forensic Review of Marketing Expenses for a Leading Private Indian Insurance Company:

• Led forensic audit of marketing expenses, uncovering fraudulent and fabricated vendor documentation.
• Conducted a process walkthrough to understand existing procedures.
• Defined the scope and methodology of the review.
• Identified and reported instances of fraud involving charges for unexecuted work.
• Prepared detailed forensic report and presented findings to management.
• Recommended revisions to SOPs to prevent recurrence with other vendors.

SOX Compliance Review

• Conducted walkthroughs with process owners to validate process understanding and confirm control implementation.
• Identified key control activities aligned with defined control objectives.
• Evaluated existing processes for compliance and control adequacy.
• Performed the Test of Design (ToD) and the Test of Operating Effectiveness (ToOE) for controls under scope.
• Reported control gaps promptly, and followed up regularly on the remediation of ineffective or failed controls.

Audit of Risk Management (Insurance) Function

• Reviewed insurance policies for adequacy, coverage, and regulatory compliance.
  Assessed documentation, claims management procedures, and risk assessment methods.
• Identified gaps and weaknesses (approximately 2.5 crores) within the insurance function, and provided recommendations.

Employee Background Verification Process Audit

• Evaluated policies and procedures for screening new hires, including reference checks, criminal background verification, and validation of education and work history.
• Reviewed supporting documentation for completeness and accuracy.
• Identified process gaps and suggested improvements to strengthen the verification process.

Financial Operations & Management Reporting

• Handled end-to-end financial operations and provided data analysis for strategic decision-making.
• Prepared financial presentations and reports to support management in planning and forecasting.

Audit & Assurance

• Conducted tax audits for non-corporate entities under Section 44AB of the Income Tax Act.
• Prepared and filed Tax Audit Reports (Form 3CA, 3CB, and 3CD).Finalized annual accounts for private companies, partnership firms, proprietorships, and NRI individuals.

Direct & Indirect Taxation

• Filed returns (online/manual) for Income Tax, TDS, and Service Tax.
• Registered entities for Service Tax, TAN, PAN, and Profession Tax (PT).
• Prepared Projected Financial Statements for loan applications and credit assessments.
• Developed Projected Budget Statements to support financial planning and forecasting.