Micro, small and medium enterprises or MSMEs are an integral part of a country’s economy. In India, MSMEs don’t just support overall economic growth; they are strong drivers of the rural economy as well. Helping millions of households, MSMEs are playing an important role in socio-economic development in our time. 2020 is a year of
What is RPA and How it Can Change the Face of Accounting in the Future?
Robotic Processing Automation or RPA is a technological innovation involving artificial intelligence and automation to replace manual accounting processes related to audit, attest and tax work. RPA simply means programming software ‘bots’ to understand and execute everyday accounting tasks that take up much of an accountant’s time. The working of RPA is similar to a
Businesses Use Automation And Machine Learning
Business leaders today find themselves in control of massive data banks that they can access at the click of a button. A lot of data flows in from the different tools used in running of a business such as CRM software, payment gateways etc. But this wealth of information may not always help find the
Family business
Smart succession planning is key to the future of a family business. When handing the reins of a family business to the next generation, you need an actionable plan and even professional help to secure the future of your business. Succession planning is all about asking the right questions and preparing the next generation for
Family Business.
Family Businesses are run with a vision for the future and a commitment to the success of the business. In this, family businesses are not very different from any other organization. But succession planning may not be as smooth for a family business as it is for others. Here’s a look at some challenges of succession
Family Managed Business
Family businesses have their own set of governing principles. These rules are adhered to by all the family members to manage the business and to drive it to achieve a common vision. Sustaining the business success, ensuring a smooth leadership transition wherever required, or managing shareholder changes – are delicate matters in a family business

Risk-Based Internal Auditing

Internal auditing plays an important role in the corporate governance of an organization. Over the years, risk management has emerged as a significant aspect of internal control. Risk-based internal auditing is a concept that puts internal auditing’s work in context with the organization’s risk management framework. Risk-based internal auditing or RBI Aassures the management or
Artificial Intelligence in Internal Auditing
It would be safe to say that Internal Auditing in an organization is a line of defense. It helps identify preventable errors and omissions that can cause gaps in compliance, quality, finance, and other areas. Internal auditing looks into risk areas to track business progress and to ensure that the desired outcome was achieved in
Internal Audit Systems
As digital transformation sweeps into every industry, we find newer and more efficient solutions to every function in business. Companies are making the most of emerging technologies, data analytics, and the cloud to build new business models. A key element that defines the success of a business in the digital age is trust. Amidst transformations
Global Investors Look at Investments in India
The last five years have seen India emerge as an acclaimed investment destination for global investors. Multinational businesses have begun to perceive the developing Indian market as an opportunity for growth, amid the on-going economic uncertainty. India has a growing young population with an increasing capacity to spend. And this is creating a powerful middle
Digital transformation has emerged as the latest buzzword in the business world in this decade. But, although digitization offers businesses a wide range of benefits, we cannot ignore the fact that it also makes a business more vulnerable to cyber-crime. In the year 2019 alone, Indian businesses and individuals lost more than USD 16 Billion
audit processes in these times of COVID-19
As the world comes to terms with the deep-seated impact of the COVID-19 pandemic, auditing firms in India are facing unprecedented challenges. Social distancing has resulted in various constraints for auditors that impede traditional audit processes. Auditing firms are seen coping with the new scenario by demonstrating immense organisational agility. Challenges faced by auditing firms
internal audit
Come to think of it. While doing anything wrong, there’s an inner voice, your subconscious mind telling you that you are treading the wrong path. In the same vein, Internal Audit is one of the most important aspects of the way you manage your organization. It has been a norm to deploy internal team members
The use of data analytics and business intelligence in the financial industry has been rising consistently, especially when it comes to reporting. While they were previously being used to improve application-based services, the scenario has changed now, and businesses now have a chance to refurbish their strategies and operations. About 47% of the businesses have
What is risk management? Risk management is the ultimate tool to make effective business decisions. Practicing risk management is trying to reduce the factors that may have a negative effect on a business. Hence, the focus is laid more on the factors that can act positively for the business. By managing risk properly, impacts of
5 Proven Importance of Internal Audit The business environment today is becoming more competitive, increasingly complex and hugely exposed to risk. As the risk landscape expands, adopting new ways to deliver more value to differentiate your business becomes important.
How Family-run businesses can ensure cultivation of enduring value Most of the businesses in India are family owned / managed businesses. Yet despite their economic weight, their failure rate is high. While only a very few of family businesses survive the transition from one generation to another generation.



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