What are the types of internal audits?

Internal audits can include operational audits, compliance audits, financial audits, forensic audits, IT audits, and environmental audits.

What are the key standards in internal audits?

The key standards include independence, objectivity, proficiency, quality assurance, and communication.

What is the risk-based approach in internal audits?

The risk-based approach prioritizes auditing high-risk areas within an organization to focus resources where they are needed most.

What are the 5 C's of internal audit?

The 5 C's are Control, Compliance, Cost, Consistency, and Communication, which are critical for a successful audit process.

How does an internal audit help in risk management?

Internal audits help identify and mitigate risks by ensuring that internal controls are effective and that the company complies with laws and regulations.

Impact of the COVID-19 on IT / ITES Sector

Post-event Summary Report:

Name: Road ahead for IT / ITES
Date of Event: August 1, 2020

Event Summary:

On 1^st August 2020, Felix Advisory organized a webinar to discuss the impact of the COVID-19 on IT / ITES Sector. The webinar commenced with an introductory remark by Mr. Prashant Sharma (Partner- Felix Advisory) who then invited our esteemed panellists to share their view on the current scenario:

Mr. Arvind Sharma, CFO – Xebia
Mr. Shiv Aggarwal, CEO – MyEarth.ID
Mr. Amit Jindal, Partner – Felix Advisory
Mr. Adamya Sharma, Partner – Felix Advisory

The session started with an opening statement by Mr. Prashant Sharma highlighting how the pandemic and the consecutive lockdown had impacted the economy and its relative impact on the IT/ITES sector. Mr Arvind agreed that we are facing unprecedented times and industry have been impacted. He further mentioned virtual meetings, Work from home, digitization has become the day to day norms. He also pointed out how IT project expenses have been reduced and several projects are on hold. Mr. Shiv interestingly compared the current distressing situation of the industry to that of the recession of 2008 and stressed how it is the need of the hour to bring in new ideas ad models focusing on shared value.

Mr. Adamya stressed how the longevity of the situation can become a boon for the IT sector if the focus can be shifted towards innovation. The Indian market has essentially been support-driven and now is a great opportunity to focus on creative ideas and products. Mr. Amit agreeing to the point further emphasized how digitalization has gained momentum in recent times and made remote access to resources more comfortable and convenient.

Mr. Shiv and Mr. Amit discussed how “work from home” has become a common phenomenon and reached sectors beyond IT. They further deliberated how there is dire need to bring in proper processes and mechanisms to ensure data security, measuring productivity and maintaining employee morale.

Mr. Arvind and Mr. Adamya opined that though several industries are critically impacted and will take time to be steady again, IT and ITES sector has not been gravely affected and it has the best potential in the current times to grow. However, there is a need to restructure the priorities and focus on the innovation of products.

In furtherance, Mr. Arvind and Mr. Amit reiterated the fact that the government needs to take some measured to give the industry a much need boost. Mr. Amit highlighted that the Indian market is nearly $190 billion of which $40 billion is contributed by the domestic market of which the withholding needs to be reduced to 7.5% to boost the cash flow. Mr, Amit also highlighted how the Government can bring in more clarity on existing policies and procedures to clear ambiguities for IT companies working in SEZ/STPI regulations

The panellists further discussed how the client expectations could be potentially impacted concerning both commercial and operational aspects. However, though the IT / ITES industry in India is largely based on outsourcing and is a support driven, the current situation has given rise to a brilliant opportunity to shift the focus from support to product creation.

The session then had an interactive Q&A with the participants. The participants were curious about understanding the potential impact of the ever-evolving artificial intelligence in IT and its subsequent impact on other industries.

The session was concluded with a vote of thanks by Mr. Prashant Sharma expressing gratitude towards panellists for sharing the information and their opinions and the attendees for sparing their valuable time to attend the webinar and make it successful.

Post-event Summary Report:

Event Summary:

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