Siva Rama Krishnam Raju Kurapati

Audit Experience :

Andhra Pradesh Mineral Development Corporation Limited

• As part of the internal audit team at APMDC, a mining company, I was assigned on budget and forecast aspects, involving excavation of raw materials and necessary consumables. I also lead the team in physical verification and valuation of stock, ensuring accuracy and compliance, while managing audit processes effectively.
• My team and I improved control over consumable usage and implemented a wastage policy, successfully reducing the normal loss ratio from 6.1% to 5.9%, leading to enhanced efficiency..
• Implemented improved controls for documenting scrap recognition and storage, ensuring accurate tracking and enhanced management efficiency. .
• In APMDC, stock valuation is categorized into A, B, C, D, and scrap, utilizing ABC costing analysis and cost drivers. My role emphasizes evaluating key cost drivers to optimize production expenses, thereby enhancing efficiency. This approach supports effective resource allocation and cost management strategies, contributing significantly to the company's financial health and operational effectiveness.
• During physical stock verification, I discovered that high-value "A" category stocks were improperly stored with C and D categories. I reported this issue to management, which led to the implementation of effective controls for stock storage and distribution, ensuring better organization and safeguarding of valuable assets .
• Involved in the Statutory Audit of Life Insurance Corporation of India of Cuddapah Division.
• As audit manager, I oversaw the audit of Central Government schemes under the National Health Mission in Andhra Pradesh. This involved consolidating accounts for 1,600 hospitals, 26 District Health Societies, and various vertical programs, managing a total expenditure of ₹1,100 crores with the state office
• Undertaken the Preparation of Provisional Financial statements.

• Undertaken Projections of Budgeting and forecasting , Preparation of Financial Statements.
• Statutory Audit of Bank of Baroda and Indian Bank and Concurrent Audit of Union Bank and City Union Bank..
• Dealt with Stock Audit of Sony India Retail Stores of Andhra Pradesh worth Rs 5,36,00,00, noted valuation errors, damaged stock, and non-compliance with policies. Recommendations include process improvements and enhanced inventory management practices.
• Finalisation and Filings of Books of Accounts of Private limited companies
• Analyzed major variations in P&L and Balance Sheet items, conducted year-end risk analytics, identified discrepancies in opening balances, and rectified them to ensure accuracy and financial integrity.

• Provided clients with accurate cost estimations.
• Monitored stock to maintain consistent supply for inventory by using JIT.
• Detected irregularities in spare parts usage amounting to ₹85,000 due to discrepancies between bin cards and ledgers. Recommended implementing stricter controls by restricting access and enhancing documentation practices to ensure accurate reconciliation and prevent future discrepancies
• Used problem-solving skills to resolve challenges and prioritise workload.
• Prepared documentation to back up responses to financial or service complaints.
• Worked on compliance of rules and regulations of Direct Taxes and Indirect Taxes.