HomeAbout UsCapabilites
Services
Audit & Assurance
Financial Statement audit & attestationFinancial Reporting advisory
Advisory
Link 1Link 2Link 3
Tax
Link 1Link 2Link 3
Business Services & Outsourcing
Link 1Link 2Link 3

Service

Audit & Assurance

Tax & Regualtory

Advisory

Bussiness & Outsourcing

Audit & Assurance

Financial Atatement Audit & Attestation

Financial Reporting Advisory

Tax & Regualtory

Corporate Tax

Indirect Tax

Finacial Sector

Family Office,estate & succession Planing

Advisory

Mergers & acquisitions

Valuation

Due diligence

Corporate finance & investment banking

Start-up advisory

hgghhgdgfhhgd

IPO advisory

IT risk advisory & assurance

Sustainability & ESG

BFSI advisory

Management consulting

Business & Outsourcing

Finance & Accounting Outsourcing

Global Outsourcing

Compliance

Fund Accouting & Trust Accounting

Virtual CFO

Payroll

Services

Audit & Assurance
Tax & Regulatory
Advisory
Business & Outsourcing

Audit & Assurance

Financial Statement Audit & Attestation

Financial Reporting Advisory

Featured

What is the COSO framework?

September 24, 2024

Going Concern: What It Means for Your Business

August 8, 2024

Fraudulent Financial Reporting

June 19, 2024

Tax & Regulatory

Corporate Tax

Indirect Tax

Financial Sector  

Family, Office, Estate & Succession Planning

Featured

What is the COSO framework?

September 24, 2024

Going Concern: What It Means for Your Business

August 8, 2024

Fraudulent Financial Reporting

June 19, 2024

Advisory

Mergers & Acquisitions

Valuation

Due Diligence

Corporate Finance & Investment Banking

Start-up Advisory

Promoter Restructuring & Succession Planning

IPO Advisory

IT Risk Advisory & Assurance

Sustainability & ESG

BFSI Advisory

Management Consulting

Featured

What is the COSO framework?

September 24, 2024

Going Concern: What It Means for Your Business

August 8, 2024

Fraudulent Financial Reporting

June 19, 2024

Business & Outsourcing

Finance & Accounting Outsourcing

Global Outsourcing

Compliance

Fund Accounting & Trust Accounting

Virtual CFO

Payroll

Featured

What is the COSO framework?

September 24, 2024

Going Concern: What It Means for Your Business

August 8, 2024

Fraudulent Financial Reporting

June 19, 2024

Services

Services

Audit & Assurance
Tax & Regulatory
Advisory
Business & Outsourcing

Audit & Assurance

Financial Statement Audit & Attestation

Financial Reporting Advisory

Featured

What is the COSO framework?

September 24, 2024

Going Concern: What It Means for Your Business

August 8, 2024

Fraudulent Financial Reporting

June 19, 2024

Tax & Regulatory

Corporate Tax

Indirect Tax

Financial Sector  

Family, Office, Estate & Succession Planning

Featured

Invoice Management System (IMS) under GST

September 18, 2024

GST IMPORTANT ANNOUNCEMENTS via CIRCULAR NO. 230 to 233 dated. 11th Sept. 2024

September 18, 2024

GST IMPORTANT ANNOUNCEMENTS IN 54TH GST COUNCIL MEETING (September 9, 2024)

September 13, 2024

Advisory

Mergers & Acquisitions

Valuation

Due Diligence

Corporate Finance & Investment Banking

Start-up Advisory

Promoter Restructuring & Succession Planning

IPO Advisory

IT Risk Advisory & Assurance

Sustainability & ESG

BFSI Advisory

Management Consulting

Featured

TAXATION OF INFLUENCERS AND CONTENT CREATORS: THE NEW FRONTIER

June 24, 2025

Corporate Social Responsibility (CSR)

June 23, 2025

Compulsory Convertible Debentures (CCD) & Compulsory Convertible Preference Shares (CCPS)

July 29, 2024

Business & Outsourcing

Finance & Accounting Outsourcing

Global Outsourcing

Compliance

Fund Accounting & Trust Accounting

Virtual CFO

Payroll

Featured

LEAVE & LAW POLICIES FOR EMPLOYEES IN INDIA

May 9, 2024

SOCIAL SECURITY LAWS- PF & ESIC

April 20, 2024

SOX Compliances

January 6, 2023

Audit & Assurance
Financial Statement Audit & AttestationFinancial Reporting Advisory
Advisory
Mergers & AcquisitionsValuationDue DiligenceCorporate Finance & Investment BankingStart-up AdvisoryPromoter Restructuring & Succession Planning IPO Advisory IT Risk Advisory & AssuranceSustainability & ESGBFSI advisoryManagement Consulting
Tax & Regulatory
Corporate TaxIndirect taxFinancial sector  Family, office, estate & succession planning
Business & Outsourcing
Finance & Accounting OutsourcingGlobal outsourcingComplianceFund accounting & Trust AccountingVirtual CFOPayroll
Solutions
Multinational CorporatesIndian CorporatesStartups
BlogsBlogsCareersContact UsContact Us
Schedule a consultation

Process Review

By
Team Bilimoria
November 9, 2021

Introduction-

Process review or process audit is an examination of significant process/processes i.e. business and operational key risks and the controls established to mitigate those risks, including compliance with laws, regulations & established policies.

Process audit stages & deliverables-

Core content

Pre-planning : Understand the objective of process to be audited & review available audit documents such as prior year work papers, IFC etc

Planning & Evaluation : The audit team interacts with the client in order to have a thorough understanding of the process in order to understand how the process functions in order to achieve its objectives.
Post walkthrough, the next step is identifying key risks-
- For each major process/functions, brainstorm as to what can go wrong & highlight the areas with greatest potential vulnerabilities
-Identifying gaps between expected & existing controls by applying various audit procedures & test results are required to be adequately documented & testing documentation is required to be sufficient to support conclusions reached.

Reporting & issue tracking : Potential audit findings should be discussed as they are identified to ensure timely communication with the management. Potential findings are required to be carried forward to the Audit report as an issue or Process Improvement Opportunity (PIO) after analysing the root cause of the issue.

Case Study

S Limited is one of the leading manufacturers of Games & has 3 major segments - Sporting Games Division, Board Games Division & Computer Games division. The management of S Limited was quite unhappy from its payables management process of the organization as it had no proper internal process followed & hence had affected the working capital cycle of the company too.

The top management of S Limited approached MASD & Co to have a thorough process review and audit in regards to the payables management.
The MASD team approached the assignment as follows-

I. System/Process Walkthrough - In-depth understanding of the entire process followed for the payables management in the company was done. Also, the policies with regards to the payment terms etc were referred & the entire process right from PO creation till final clearance of payment was understood. Further, discussion with the relevant SPOCs from PO creation team, accounting team & Payment team was done so as to have a thorough understanding.
So to recapitulate, the entire payables process was segregated into various sub-processes for detailed analysis.

II. Applying the review procedures - After the walkthrough/process understanding, MASD & Co also had a detailed report developed & designed from the IT Team of S Limited for the payments made from the period Sep’20 to Sep’21 to identify the issues & suggest controls.


The MASD Team then started applying their review procedures to figure out the areas of significant risks. Here, the intention was not only to highlight the issue but to find out its root cause. For e.g. If there is postponement, find out where the issue actually lies & then determining its root cause as postponements could be due to any of the following issue-
a. Delay in receipt of invoice copies/supporting documents from the Vendor itself
b. Invoice received in time but accounting skipped
c. Incorrect due date getting captured in the system
d. Inputting error while accounting the invoice or creating PO
e. Prioritising certain payments in case of shortage of funds etc.


III. Findings/Conclusion -After performing the review procedures, MASD Team not only highlighted issues to the management but found out the root causes & suggested Process Improvement Opportunities as follows-

As evident from the table above, the top management of S Limited now had a proper process followed in relation to its payables since not only the lapses in the process were highlighted but also with the root causes & process improvement opportunities at system level, process level & policy level, the company will be able to function more effectively & efficiently.

Conclusion

A thorough in-depth analysis of the processes enables an organization’s functioning in the most efficient and effective manner so as to achieve its mission, goals and objectives.

Process reviewers should be viewed throughout an organization as a valuable independent resource, comprised of experienced individuals with specific skill sets to solve problems, analyse the processes and help develop potential solutions.


Authors:

CA Aakash Mehta

Partner | Email: aakash.mehta@masd.co.in

Poojan Joshi

Associate Consultant | Email: poojan.joshi@masd.co.in

Explore More

June 24, 2025

Team Bilimoria

TAXATION OF INFLUENCERS AND CONTENT CREATORS: THE NEW FRONTIER

In recent years, the rise of social media has given birth to a new and powerful profession: AN INFLUENCER What began as individuals sharing their personal lives, opinions, and talents online has now evolved into a full-fledged marketing industry. Influencers are people with a dedicated following on social media platforms like Instagram and YouTube who partner with brands to promote products and services in a relatable & authentic way. This form of marketing, known as influencer marketing, has gained immense attraction due to its ability to reach niche audiences and drive engagement.

Read More

June 23, 2025

Team Bilimoria

Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) is outlined in Section 135 of Companies Act, 2013 and has been made mandatory for the companies following the specified criteria from April 1, 2014. CSR Activities were introduced with an intention to allow companies to contribute to the social, environmental, and economic development of the country.

Read More

Read All Blogs

BILiMORIA MEHTA & CO. is a leading Chartered Accountancy firm with a rich legacy of serving clients in India and internationally.

info@bilimoriamehta.com

+91 (22) 6697-2111

Company

  • About Us
  • Contact Us
  • Careers
  • Resources

Solutions

  • for Startups
  • for Indian Corporates
  • for Multinational Clientele

Solutions

  • Multinational Corporates
  • Indian Corporates
  • Startups

Services

  • Audit & Assurance
  • Tax & Regulatory
  • Advisory
  • Business & Outsourcing

Resources

  • Blogs
  • Regulatory Updates
© 2024 BILiMORIA MEHTA & Co. All Rights Reserved
Privacy PolicyTerms & Conditions