What is Proprietary Audit ?

Proprietary audit assesses an organization’s adherence to its internal policies and operational procedures. It typically involves an internal review to ensure compliance with company standards and regulations.

Benefits

  • Policy Compliance : Ensures that internal policies are followed.
  • Operational Efficiency : Identifies and addresses inefficiencies in operations.
  • Risk Management : Enhances understanding and management of operational risks.

Process /Steps

01

Planning

Define the scope of the proprietary audit.

02

Fieldwork

Review internal procedures, policies, and operational practices.

03

Analysis

Evaluate adherence to policies and identify discrepancies.

04

Reporting

Document findings and provide recommendations.

Documents Required

  • Internal policies and procedures.
  • Operational reports and performance metrics.
  • Previous proprietary audit reports.
  • Documentation of compliance issues.

Our Support?

  • Verify Financial Statements : Ensure that financial statements reflect a true and fair view of the business's financial position.
  • Assess Internal Controls : Examine the effectiveness of internal controls and procedures to prevent errors and fraud.
  • Compliance Checks : Confirm that the business complies with applicable laws and regulations, including tax laws and industry-specific regulations.
  • Report Findings : Provide a detailed audit report outlining findings, recommendations for improvements, and any areas of concern.

Frequently Asked Questions

Proprietary audit focuses specifically on compliance with internal policies, while internal audit covers a broader range of internal controls and risk management.

Yes, proprietary audits can identify inefficiencies and suggest improvements in adherence to internal policies.