I believe, there were a number of takeaways for the internal audit and risk management fraternity in India during the last two months of the year bygone. Demonetization and the aftermath thereof would have implications for various businesses, especially where “Cash is King”. Also, it has led to a sudden surge in businesses connected with payment applications, which could contribute in making a cashless society. There are already discussions on fortification of these payment applications and these could change sooner than expected.
“How do you ensure that code of conduct of the company has been understood by the employees?” This was a simple question from Head of the legal to Human Resources (HR). Unfortunately answer from HR was equally simple. “We send HR manual which contain code of conduct to all employees.”
Closing the Gap – With a GAP - Guest Auditor Programme
DBS Bank India, part of Asia’s foremost financial services group DBS Group Holdings Limited, has been in the country for the past two decades. Over the years, the banking industry has seen a paradigm shift necessitated by changes in technology and customer preferences, amid evolving regulations and increasingly integrated global economy.
ERP (Enterprise Resource Planning) system is backbone systems to many organizations. Integration of various business processes, modular approach, ability to operate on diverse platforms and architectures, incorporating global best practices are the primary reasons why organizations adapt ERP systems. These systems over a decade have also created large value to the organization. Organizations prepare their budget, plans, run their operations, post transactions, and generate trial balance and generated statements for various compliances.