VGNC

  WHAT IS INTERNAL AUDIT? Internal audit is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. The role of this audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively. An internal audit may be used to assess an organization’s performance or the execution of a process against a number of standards, policies, metrics, or regulations. Internal audits  may include examining a business’s internal controls around corporate governance, accounting, financial reporting, and IT general controls. Auditors may cover all areas of an organization or specialize based on their skill-sets. In simple words we can say Internal audits evaluate a company’s internal controls. WHAT ARE THE TYPES OF INTERNAL AUDITS? Some types are: Compliance Audit IT Audit Operation Audit Performance Audit This allows the company’s Board and manage...

  WHAT IS INTERNAL AUDIT? Internal audit is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. The role of this audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively. An internal audit may be used to assess an organization’s performance or the execution of a process against a number of standards, policies, metrics, or regulations. Internal audits  may include examining a business’s internal controls around corporate governance, accounting, financial reporting, and IT general controls. Auditors may cover all areas of an organization or specialize based on their skill-sets. In simple words we can say Internal audits evaluate a company’s internal controls. WHAT ARE THE TYPES OF INTERNAL AUDITS? Some types are: Compliance Audit IT Audit Operation Audit Performance Audit This allows the company’s Board and manag...

  WHAT IS INTERNAL AUDIT? Internal audit is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. The role of this audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively. An internal audit may be used to assess an organization’s performance or the execution of a process against a number of standards, policies, metrics, or regulations. Internal audits  may include examining a business’s internal controls around corporate governance, accounting, financial reporting, and IT general controls. Auditors may cover all areas of an organization or specialize based on their skill-sets. In simple words we can say Internal audits evaluate a company’s internal controls. WHAT ARE THE TYPES OF INTERNAL AUDITS? Some types are: Compliance Audit IT Audit Operation Audit Performance Audit This allows the company’s Board and manage...

  What is an Inventory Audit? Inventory audit also referred to as stock audit, refers to an accounting process which takes into account a company’s total stock of physical goods. This is especially needed in manufacturing companies where raw materials need to be converted to finished goods and is a quintessential process of maintaining a healthy business and for it to succeed.  Inventory audit  is considered mandatory for keeping account of the quantity and quality of raw materials remaining in stock. This is because anything more than 70% of product cost involves material cost. Additionally, inventory audit is absolutely necessary for organisations with multiple branches as they tend to have a massive stock of physical goods. Audit of essential physical inventories is generally conducted at or near the end of the year.   Importance of Inventory Audit Inventory tends to be the easiest assets to manipulate and hence it’s essential to keep a constant vigil over it. Her...

  It is important to keep an accurate eye on inventory so that the number of items in store is always perfect. It not only helps you to manage better but it also allows you to be in control. Having inaccurate data can result in inventory management breakdowns. It may sound a bit too traditional but knowing the numbers is a critical aspect of inventory management. Knowing the exact number of items lets you manage inventory efficiently and accurately. If you have no idea of the exact stock, you will be prone to make assumptions rather than informed decisions. That’s why it is always important to know the accurate number of items in order to manage damages, slow-moving products, and theft etc. When it comes to inventory, it’s always a numbers’ game.   Keep an eye on the status of items As an efficient store manager would tell you, keeping an account for stock for items in different locations or for the items that are in consignment is always important to control inventory effecti...

  GST: Guide for filling GSTR-3B As GST has rolled out from July 1 st , 2017 GSTR 3B is its first return to be filed by the assesses. Many of the assesses are facing issue in filling its GSTR 3B. Here is the step by step guide : 1. After login, select Return Dashboard. 2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B. 3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1. 4. Enter details of interest, if payable, in Section 5.1. Late fee will be computed by the system. 5. Click on Save GSTR-3B button. After you save the data, Submit button will get enabled. Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button. 6. On clicking Submit GSTR-3B button, System will post (debit) the self-assesse...

  It is important to keep an accurate eye on inventory so that the number of items in store is always perfect. It not only helps you to manage better but it also allows you to be in control. Having inaccurate data can result in inventory management breakdowns. It may sound a bit too traditional but knowing the numbers is a critical aspect of inventory management. Knowing the exact number of items lets you manage inventory efficiently and accurately. If you have no idea of the exact stock, you will be prone to make assumptions rather than informed decisions. That’s why it is always important to know the accurate number of items in order to manage damages, slow-moving products, and theft etc. When it comes to inventory, it’s always a numbers’ game.   Keep an eye on the status of items As an efficient store manager would tell you, keeping an account for stock for items in different locations or for the items that are in consignment is always important to control inventory effecti...

  GST: Guide for filling GSTR-3B As GST has rolled out from July 1 st , 2017 GSTR 3B is its first return to be filed by the assesses. Many of the assesses are facing issue in filling its GSTR 3B. Here is the step by step guide : 1. After login, select Return Dashboard. 2. Select Financial Year 2017-18 and Month July. Click Search and Select GSTR-3B. 3. Declare your liabilities and ITC claims in Section 3.1 and 4 respectively by clicking on the tiles and furnishing the required information. Transitional ITC cannot be claimed in GSTR 3B. It can be claimed only through TRANS 1. 4. Enter details of interest, if payable, in Section 5.1. Late fee will be computed by the system. 5. Click on Save GSTR-3B button. After you save the data, Submit button will get enabled. Please note that after submit, no modification is possible. Hence ensure that details are filled correctly before clicking on Submit button. 6. On clicking Submit GSTR-3B button, System will post (debit) the self-assesse...

  The need of situation Exiting from a loss making business at right time is as important as managing and growing a viable business opportunity. One of our reputed corporate clients decided once to close down a business vertical and wind up around its 300 stores throughout India. Winding up business has its own issues and concerns and VGNC was called in to handle the task. The challenge we faced These were rural super markets in rural areas. Lot of administrative issues were involved and safe transport and receipt of merchandise, cash and records at desired location was at stake. Local resistance was to be handled and it was advised to get the things done overnight to minimize administrative hassles. The solution we offered VGNC accepted the challenge as usual. We took the assistance of local administration, private security and Police, ensured in entire stock count, packing, loading and dispatch of goods along with manpower overnight simultaneously at multiple locations. All this ...

On June 7, RBI is going to keep policy rate unchanged when the 6 member MPC headed by RBI Governor Urjit Patel will meet for the second bi-monthly monetary policy statement for 2017-18.  Interestingly, the inflation trajectory, foreign reserve and liquidity aspect is rather stable. From industry quarters there has been a call for rate cut especially after 7.1 % GDP in 2016-17, bit lower from 8% in the previous fiscal. No doubt, lower GDP in the last economic year has been mostly due to the demonetization move in last November. Very recently the World Bank has mentioned that successful demonetization will help India to multiple its revenues in the long run.  As far as the weather forecast is concerned, India is expected to have normal monsoon this year. This will definitely help in achieving the stipulated target in food grains and crops estimation. As far as the statistical details obtained, inflation in the country decelerated to 2.99% from 3.89% in March. As far as retail in...