Management Strategy

Management Strategy At Lochan & Co, we undertake an initial analysis within the framework of assignment and studying resources for assignment. It will report on organizational structure, as well as the roles and responsibilities of involved stakeholders; projected actions, preliminary objectives, and currently expected deficiencies; overall planning, including resource allocation and timeliness; including the list of deliverables, subject to quality assurance and peer review and the project risks.

  • Project Administration
  • Crucial Elements of Performance
  • Monitoring Mechanisms
  • Records Management
  • Timeliness of Communication
  • Project Administration

We would specify the main roles and responsibilities of the people who will manage and perform the audit of client managed projects. We guide the project management in order to facilitate decision-making, work assignment, and accountability by considering following factors:

  • Management of performance of the mandate by results, deliverables, costs and quality;
  • Compliance with objectives and scope of project;
  • Observance of commitments by all external and internal representatives involved in the project;
  • Development and use of credible and established patterns.

The Crucial Elements of Maintaining the Highest Level of Performance are:

  • Methodology and Tools - Lochan & Co possess a wide range of methodologies and tools for delivering services. These are developed as part of our commitment to top class service delivery.
  • Our People - Lochan & Co selects the best people and provides an unparalleled training and development program to ensure they have all the necessary skills to deliver a value adding service.
  • Technology: We are very well oriented for use of technology in our audit processes by using the CAAT tools and for our own management. We have our own Information management manual to manage our IT infrastructure for security and confidentiality of our data and equipments. This knowledge we have gained through working with more than 15 software companies. Our team implements the ERP systems as well for corporate clients.

Monitoring Mechanisms

Duly documented monitoring mechanisms will allow the project’s progress to be observed and facilitate decision making with respect to resource allocation, schedule adjustments or content management.

  • Periodic project reports to be delivered to the Audit Partner;
  • Time measurement and schedule monitoring:
  • Work completed and projected work for next period.
  • Audit working papers would be retained as per client requirement and soft data for 7 years in hard copies and over electronic documents, e.g. that data is regularly and effectively backed up.
  • Lochan & Co regularly undertakes, quality assurance checks of working papers to ensure that they meet the firm’s internal quality standards as well as our professional body standards.
  • Partner of firm ensures whether regular documented review of work papers has been undertaken by appropriate Internal Audit staff during engagements.

Records Management

Timeliness of Communication

We ensure that communications are well timed, opportune, and expedient for careful consideration by those who may act on the recommendations. The timing of the presentation of engagement results should be set without undue delay and with a degree of urgency so as to enable prompt, effective action.