Prepared by : CA Pankaj Jaiswal Scope of Internal Audit : Scope for Internal Audit is As follows 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

Process & Policy Review Auditing of Policy/Best Practice Compliances Auditing of HR Operation Auditing of Business Operation Auditing of Store Operation Auditing of Statutory & Tax Compliances Auditing of Finance & Accounts & Compliances of AS & IGAAP Auditing of Petty Cash Expenses International Taxation Compliances Transaction Verification & Validation Process Verification & Validation of Purchases Made Pending GRN Report Pending Bill Report Open PO Report Vendor Management Auditing Process Verification & Validation of Payment Process Verification & Validation of Receipts Process Verification & Validation of JV Revenue Auditing Reimbursement verification/Advance/Travel Policy/Entertainment/ Local Conveyance/Mobile/Petty Cash Policy Compliance Auditing of Blocked fund Provisioning of Liabilities MIS Review Parties Opposite Balances Salary Accounting and Reconciliation as per Payroll Process Documents Bank Reconciliation List of Effective Cash Payment more than 20000 in a day to single party Physical Verification of Cash & Phase wise Assets & Stores Reconciliation of Intersoftware Record if any Potential Risk Assessment Auditing & Review of Asset Security Review of System Audit & security Auditing of Vehicle Operation & Their Policy Auditing of Maintenance & Workshop Operation

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www.anpllp.com

Prepared by : CA Pankaj Jaiswal Functioning of Internal Audit : Internal audit will function under the board’s guidance, direction and as per internal audit objective set by the Board. Internal audit will be done by external agency which shall be a CA firm as per ICAI & As per Companies Act Requirement. Internal Auditor will address their report to the board.

Board of COMPANY Reporting

Objective Direction Guidance

Internal Auditor (External Agency) Auditing

Auditing Geographical Coverage: Units & HO

Process & Operation Coverage: Processes, Activity & Operations applied at respective location

Periodicity of Internal Audit: Periodicity of Internal Audit will be Yearly. Each Year Internal Audit to be done at assigned Units which may be all Units or at specific Units as Board or management decides on time to time basis. In subjected financial year internal auditor will cover all Units which is assigned to him and report to the board Unit wise report. Internal Auditor will plan their audit in such way, so that in subjected financial year all major Units/locations & operations has been covered.

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www.anpllp.com

Prepared by : CA Pankaj Jaiswal Methodology of Internal Audit : Methodology of internal audit will be according to the objective set by the COMPANY to achieve the goal set for internal audit function. The point wise methodology is as follows 1. Clear Understanding of objective of COMPANY for Internal Audit 2. Assessment of COMPANY Objective with Required Objective of COMPANY by using firm’s experience 3. Finalizing Objectives of COMPANY’s Internal Audit 4. Review & Discussion of Internal Audit Scope 5. Freezing of Internal Audit Scope 6. Identifying & Discussing About Key Area & Risk Area and Finalization of Priority Matrix & Planning 7. Audit Staffing/Teaming of Audit Firm’s Partner , CA Audit Manager & Sr. Article as per Audit Planning & Priority Matrix 8. Finalization of Audit Calendar for date of start, interim reports & final reports Unit wise 9. Audit Start& Conduction at Units activity/department wise 10. Review of Process & Operation & Identifying the requirement of Policy. Matching the Required Policy and Available Policy. 11. Review of Available Policy and Those processes & operations of which policies are not made, doing audit based on best industry practices method. 12. Auditing of Transactions, Operations & Activity as per Audit Plan. 13. Activity/Department wise query discussion with activity owner/departmental head 14. Exceptional Query raised to high authority in a real time if High ratio involved after Audit Firm’s Partner review of risk rating 15. Resolving of queries and Preparing Draft Interim Report 16. Audit Firm’s Partner Meeting with Departmental Head on Interim Report and Their Representation Taken 17. Consolidation of All Activity/Department Interim Reports to Consolidated Unit Interim Reports 18. Audit Firm’s Partner Discussion of Consolidated Unit Interim Reports with Unit Head (SVP) and Their Representation Taken 19. Issuance of Draft Unit Internal Audit Report to Board & Management for Discussion 20. Discussion between Audit Firm’s Partner & Board Made & Incorporation of Board Representation 21. Issuance of Unit’s Final Internal Audit Report to BOD.

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www.anpllp.com

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