OverviewAssignments that we have handled in the Sugar industry is basically to identify the controls at the various processes of the company and to design the narratives of the various processes. These assignments helped the company to identify the various process controls and gaps therein, while doing this activity an additional benefit was also soft in terms of legal compliance under section 134 of Companies Act 2013 for listed companies.
Context & ChallengesCompany wanted to cover following key challenges and legal compliance requirements of Companies Act 2013 to be completed,
- Process Review: Management of the company felt that there current business processes and applications used are not used in optimum manner and there are gaps to be identified and filled.
- Compliance Requirements to be fulfilled: As per section 134 of Companies Act 2013, all listed companies were required to get their Board of Director’s certify that the financial operational controls are existing, adequate and operating effectively. The management wanted an expert to support them in creating documenting and implementation of these controls.
- Understanding of existing business process identifying key risks and controls, by interview and discussion with process owners.
- Review of existing ERP systems and business critical applications used by the company
- Review of existing data, by way of performing data analysis.
- Identifying the key risks and controls in place for each business.
- Checking the operating effectiveness of these controls
- Identifying the gaps and areas where controls are insufficient.
- Proposing final report to management for identified gaps along with recommendations and road map to implement the same.
Key Services OfferedThe following are the services provided by Outcome:
- Business process review
- Implementation of Internal financial Control
- Design the narratives of following processes.
- Order to Cash
- Procure to Pay
- Hire to Retire
- Record to Report
- Statutory Compliances
- Cane Procurement
- Fixed Assets
- ERP & Technology review
- Identified key lapses in existing business processes and made recommendations to management to cover these control gaps.
- Successful closure of IFC requirement as per legal compliance of Companies Act 2013.