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Sparkling Stress Relieving January 12, 2012

Posted by Khurana Khurana & Associates LLP Chartered Accountants in Uncategorized.
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With increased level of professionalism, high targets set by corporate, stretch hours, deadlines, comes lot of promotions, good increments accompanied by its best friend “stress”.

Stress can be relieved by doing anything that you like the most. It can be as easy as reading a book, sleeping, watching television, listening music, going on a break, having an ice cream, doing meditation or yoga. But the common thing that comes on your face after doing your favorite activity is “Smile”. Smile is the best medicine for relieving stress. Does it cost you anything? Time, money, gold or anything else? No, then why not keep smiling and let stress fade away. Your smile is very precious for someone who wants to see you happy. Take out some time to talk to yourself and try to love yourself.

The work will be done, but which way will you choose “Stress” or “Smile”?

Author:- CA. Meena Lalchandani Khurana, Partner

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Internal Audit- A boon to the industry January 12, 2012

Posted by Khurana Khurana & Associates LLP Chartered Accountants in Internal Audit.
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Internal Audit is the growing demand of the industry these days. After a number of frauds disclosed by corporate, the need arises for having a strong and robust internal control environment in the organization. Internal audit not only assess the financial control but also focuses on operational controls.  Internal auditors are the best source of placing assurance on the operations of the company. They are considered to be the right hand of the audit committee, management and shareholders as they keep them well informed about the potential risk and material misstatements in the company. Apart from identifying the risk, they analyze the controls that are required as preventive, detective and corrective measures to mitigate the risk. Internal audit profession demands professional knowledge and experience thereby maintaining the standards and professional ethics, adding value to the company.

Is it the right time to hire the internal auditors is the question that management faces lot of time. Also the question arises on the feasibility of having internal audit department internally or outsourcing it to the accounting firm.

The earlier the company decides to hire the internal auditor the better it is, since they assess the controls in the organization, help in improving the productivity, better management of resources and complying with the regulations. With improved productivity, comes increased profitability and improved ways of doing the business.

Outsourcing Internal audit is the most economical practice followed by companies these days, which not only ensures the complete independence but also provide assurance on the control environment in the company. A group of professionals conducting an internal audit through outsourcing firm is always a better option as it includes assessment of systems with rich knowledge of professionals within reasonable cost than having a single internal auditor hired by the company.

Author: CA. Meena Lalchandani Khurana, Partner