Solutions admin June 26, 2008 0 comments Uncategorized Solutions Assurance Services Our firm conducts audit of many of the world’s best-known companies and other organizations both medium and small enterprise. We offer services which are destined to achieve desired business objectives of our valued clients. We further ensure efficient management of risks within organization in various operational activities. Our audit approach is tailored to suit the size and nature of your organization and draws upon our extensive industry knowledge. Lochan & Co. provided assurance services to one of the leading Non Ferrous Metal Manufacturing ISO 9001-2000 Company offering innovative, cost effective and high quality product. Our Client is one of the leading manufacturer of Lead, Tin, Aluminum, Copper, Silver oxides and alloys. We covered the areas that are critically analyzed by the excise department. We audited the Balance sheet of our client and the related Profit and Loss Account and Cash Flow Statements. Our responsibility involved to express an opinion on these financial statements based on our audit. By carrying out audit in accordance with auditing standards generally accepted in India, we provided the recommendations on various areas. Our audit procedure includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. It also included assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. Our audit became a reasonable basis for our opinion. Lochan & Co. advocated its findings to the client which helped the client in overcoming the lacuna in the company operations in the financial area; our recommendations helped the management to benchmark its system with the best in the industry. Internal Audit Lochan & Co. worked for the internal audit of one of the first commercial manufacturer of motorized washers to the current market position of being world’s number one manufacturer and marketer of major home appliances, This Company has its parent company at USA and has a global presence in over 170 countries. Our audit process followed a streamlined procedure. We provided Adequate MIS support to our client to satisfy their growing needs of the business. We checked the flow of information among the departments of the organisation. While executing audit process, staff of Lochan & co discussed on management and accountability with our client, wherever possible and performed test-checks on accounts and documents. We also checked means adopted by our client to safeguard its assets at sites and verified the existence of such assets We assessed the operating procedures of our client to ensure their compliance with the standardized systems. Our internal audit report contained various sub parts like Introduction, Brief Background, Scope of Internal Audit, and Executive Summary; Follow up of Previous Internal Audit Report, Scope Limitations, annexure supporting Observations and Observations details. We presented Detailed description of the main findings and provided our client with the information of how to control risk . We also made Recommendations on who is responsible for follow-up of each recommendation. Our detailed effort bore us appreciation from our clients side and helped our client to follow streamlined procedure. Donor Agency Funded Project Lochan & Co. has effectively carried out Audit process for the world renowned donor agency funded projects. The project amounting to a huge sum of US $ 21 million was developed by a donor consortium whose overall aim was to reduce the mortality and morbidity for three fatal diseases in Myanmar. While executing final audit Lochan & Co. kept in mind the most critical areas of improvement in the organisation. We supplemented services of the organisation by taking the necessary, detailed financial review. Our Company Reviewed existence of adequate operational and internal control systems to ensure that the project is properly managed in accordance with the policies and procedures, carried out an overall assessment of the internal control systems, identified financial and management risks, proper utilisation of funds, and hence provided them with recommendations and action plans to be executed. With the help of our recommendations organisation reviewed areas like financial management and reporting which constituted disbursement mechanism, cash security procedure and banking procedure. Procurement of Goods and Services and asset management comprising of physical verification of inventory, procedures established to ensure appropriate control on transparency, safety and security for receiving, storage and issuing of equipment, materials and supplies purchased. They implemented the necessary changes with a feedback of word of appreciation for our organisation. Merger & Acquisition Mergers and acquisitions (M&A) projects have long been considered as a strategy for organizational growth and gain of market share. Top management teams of companies take M&As into consideration since it is faster and less costly compared to internal growth and development programs. Our extensive experience enables us to provide comprehensive full spectrum M&A research and analysis products and services. One of our esteemed clients belongs to the oldest media group having nearly a daily circulation of 2.25 million copies and a readership base of 14.49 million readers. The parent company wished to acquire preexisting learning center and commissioned Lochan & Co. to assess the credentials of the tutorial center to be acquired. Our team visited the work site for consecutive days & gathered the information in order to calculate the revenue. We interacted personally with some of the students of each class., checked sitting capacity of the students, analyzed the data using the sampling method and thereby produced the report accordingly. Lochan & Co. completed a comprehensive due diligence of this center so the client could enhance its business value .Our report contained detailed observation for each of the area under Due Diligence and Risk analysis of the observations. Our detailed report provided well analyzed data to the client which further helped them to understand the functioning of to be acquired center, and to understand the value addition they will gain after acquiring the center. We ensured that the whole process results in profitable pooling of resources, so that the whole organization benefits from the corporate restructuring by using all available resources in an economical manner. Setting up Operations in India Lochan & Co. has played pivotal role for many companies and organizations to set up their business in India. We have worked Setting up an NGO which is similar to setting up any other business organization. For setting up operations several processes have to be kept in mind, like—legal, financial, technical, administrative etc. We provide consultancy services for setting up operations of NGO’s in India. We support foreign nationals, NRI’s and Donor Agencies desirous of setting up NGO’s in India by providing various services for setting up a NGO for example: Drafting of Memorandum and Rules & Regulation, Filling of the Application & Approval with the Registrar of Societies, Registration under the Income Tax Act 1961 under section 12A for claiming exemption towards the income of the organization, Registration under the Income Tax Act 1961 under section 80G for claiming exemptions by the organizations who are making donations to NGO, Specific approval under The Foreign Contribution and Regulation Act to receive Foreign Funds from Donors. While implementing the Set Up process for one of our clients Lochan & Co. understood the activities carried out by the organisations, determined the risk involved while venturing into new area and matched the satisfaction of the client with expectations. After going through the process, our company informed client of the general policies and key controls and instructed personnel in the application of standard practices and procedures necessary to effectively carry out an operation. Our information helped the NGO to effectively establish its operations and hence benefited its functioning in its respective area. Development of SOP Manuals Lochan & Co. along with its experienced staff excel in the area of SOP development. We have worked with various organizations in diversified areas .Our clientele ranges from a 21st century health care products company to a non profit organization working for the rights of children. On one hand Our clients are strong organizations with offices spread across Delhi, NCR, Mumbai and other major cities. Most importantly, having lacs of satisfied customers to their credit. On the other side our client list also comprises of Non Profit Organizations which works for the society like imparting primary education, undertaking social projects, empowerment etc. For formulating structured Sop’s Lochan & Co. professional visited personally to the organizations to understand the deviation between actual and standard procedure followed by the client. After considering the various procedures followed by the organization, Lochan & Co. worked on the development of Manuals in the areas like Account & Finance, Administration, Human Resource management, Budget, Grant Management etc. While executing our work we kept into account various inputs from the organisation and we also observed current functional & operational structure of the Company. With the help of these manuals our company informed personnel about the general policies, key controls and the procedures necessary to effectively carry out an operation. Our observations and recommendations played pivotal role in the successful implementation of process for various operations in our clients organisation. They helped our client to follow a structured procedure and hence played important role in the development of the organisation.