LP-Audit(Lateral Praxis – Internal Audit System)

increase audit efficiency and drive performance improvement

“In the happiness of his subjects lies his king’s happi-

ness; in their welfare, his welfare”

- Kautilya, the strategist, to his emperor Vikramaditya

Compliance Management

Risk Analysis

InternalAudit

LP Reports & Dashboards

Risk Assessments

Policy & ProcedureManagement

Remediation process

Loss & IncidentDatabase

Control Testing Control MonitoringProcessstructures

Compliance

Risk

Governance

Lateral Praxis Internal Audit tracking system

Enterprise data platform (SAP etc.)

Lateral Praxis Internal Audithierarchical pyramid

Risk-based internal auditingWith the emergence of risk as a central concept of governance, internal auditing is transitioning from a primarily control-based approach to becoming a predominantly risk-based approach. Internal audits help your organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.LP-Audit uses real-time data to allow you to continually monitor their internal and external environments within that framework; to identify potential sources of risk early, assess those risks, and respond based on your organisation’s risk tolerance.

Gandhi’s over arching principle concerning wealth and wealth creation was one of trusteeship.

“… one and only … responsibility of business [is] to use its resources and engage in activities designed to increase its profits, so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”—distilled from Gandhi’s statements on ownership and trusteeship of companies

Freedom to exercise your judgementLP-Audit is a software framework that is designed ex-pressly to free your audit team from manual or routine tasks to focus on exercising judgment and thinking critically. From the planning phase of financial and performance audits, our software can help you select audit areas, identify initial risks, and determine preliminary objectives. You pinpoint under performing areas of operations, identify underlying relationships in the data, and conduct risk analysis to provide strategic information for managerial decision making.

Knowledge RepositoryLP-Audit also provides your internal auditors with a live audit reference library accompanied by a search engine. This library contains audit protocols, standards, industry best practices, organisational policies and procedures, as well as forms and templates. To add value to the organisa-tion, your team of internal auditors will progressively build a Knowledge Repository that helps preserve institutional memory as well as organisational expertise and ensure operational continuity & consistency over time.

“The quality of moral behaviour varies in inverse ratio to the number of human beings involved.”

Aldous Huxley (1894-1964)

RepoRtCheCk

BoaRd of diReCtoRs

exeCutive ManageMent BoaRd

gRoup integRated Risk ManageMent CoMMittee

gRoup inteRnal audit depaRtMent

C f o C R o

Risk ManageMent depaRtMents

Business units

Business units

RepoRt

audit

addressed during the scoping & installation process. Shared monitoring capabilities leverage central ERP data banks to capture critical information from systems within each business, geographic or functional area and report anoma-lies back to responsible stakeholders according to prede-fined rules.

ERM compliantIntegrate LP-Audit with your company’s Enterprise Risk Management software or use LP-CMS & LP-Risk (our enterprise compliance and risk management solutions). You gain an understanding of the strategic role internal audit plays in helping your organisation manage risk and achieve business objectives. This integrated approach helps you avoid duplication of effort, ensure the consistency of audit results, and facilitate a common risk assessment process across various assurance and compliance functions.

Manage the entire Audit Life Cycle

� Standardized audits and checklists � Audit planning and scheduling � Audit reporting and recommendations � Streamlined field data collection � Audit recommendations reviews � Specialised form handling capabilities � Consistent auditing report generation

Secure, protected and tamper-proofComputer and data security is achieved through multi-level access controls, as well as smart cards, fire walls, intrusion detection software, encryption, tracking the frequency of confidential inquiries, filtering, virtual private networks, digital or electronic signatures, and biometrics.

LP-Audit: integrated & holisticDocument your targeted audit entities, and determine audit scope by completing dynamic risk assessments of your audit universe. These fully configurable assessments reveal the inherent and control risk associated with each audit entity. LP-Audit uses the assessment results, in combination with past audit history, to automate the scheduling of audit engagements for each entity.

Your audit, your wayThe LP-Audit framework can be customised and re configured to each company’s specification. Industry specific, geography-specific or product-specific needs are

MaRket Risk ManageMent

CRedit Risk ManageMent

opeRational Risk ManageMent

enviRonMental Risk ManageMent

Risk based Audit architecture of a group enterprise

CenterPoint, MVIRDC, World Trade Centre, Centre 1, 1st Floor, Cuffe Parade,Mumbai - 400 005, Maharashtra, INDIATel: +91 22 6638 7272Fax: +91 22 2218 8175

email: preet@lateralpraxis.comWebsite: www.lateralpraxis.com

i n c l u s i v e i n n o v a t i o n

Sample audit dashboard

The LP promiseReliable, actionable information, provided in a consistent, rule-bound time line.

Your Gain � Economic in cost, time & resources. Low TCO, low

implementation period, low IT footprint � A consistent, dependable audit monitoring

process for the company and all business stakeholders

� Build a library of procedures that can be re-purposed to multiple audit projects

� Prevent duplicitous monitoring of business processes and meet timely reporting requirements

� Easily review utilization and capacity for audit staff and assign personnel to audit projects and tasks

� Track milestones in the audit process, such as kick-off meetings, field work start and completion dates

� Capture the results of audit tests in fully configur-able work papers, attaching documentation and review notes

� Enable audit customers to respond to deficiencies, and track remediation measures

� Generate real-time reports and dashboards � Export audit data to customised templates to

quickly deliver professional reports

LP-Audit DashboardsOur Audit dashboards are executive information systems that enhance visibility of performance and allow tracking of your key audit performance indicators. Collating data from disparate systems, our dashboards present a unified view of the information. We enable your directors, managers & users to have a personalised insight of their audit status and quickly respond before they adversely affect the business.

Internal Auditing PrinciplesIntegrity ObjectivityConfidentiality Competency

The LP-Audit framework empowers you to achieve this principle driven result efficiently.

We are good at this —call us.

Corporate citizenship

“Our corporate citizenship must be aligned with our business goals in order to drive future growth and better understand and mitigate these [environ-mental] risks. This align-ment also helps us deliver on our promises while answering the needs of society.”GE’s Citizenship Report (2007)