1.INTERNAL AUDIT
Internal audit services are important in keeping employees alert about their responsibilities, which helps in improving their efficiency. Internal audits help in determining areas that need improvement, and accordingly allocation of resources will be done that will be beneficial for the organisation.Measures to protect assets and minimize the possibility of fraud. Productivity improvement in operations. Ensuring integrity and financial reliability. Establishing compliance with statutory regulations and laws.
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REVIEWING THE MANAGERIAL FUNCTIONS
The internal audit function is there to carry out the responsibilities to evaluate the effectiveness of risk management, regulation, and governance processes and to provide insight and recommendations to improve these processes, particularly in terms of operational effectiveness, financial management and reporting.
Management systems require monitoring and auditing for improvement. Internal audits and management review provide the opportunity to uncover issues within your management system and take steps to resolve them proactively.
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DETECTION OF ERRORS AND FRAUDS
Internal audits support management's efforts to establish a culture that embraces ethics, honesty, and integrity. They assist management with the evaluation of internal controls used to detect or mitigate fraud, evaluate the organization's assessment of fraud risk, and are involved in any fraud investigations.
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VERIFYING THE ACCURACY OF ACCOUNTS
Verification in an audit process can be done offsite or onsite. Offsite verification means verification by checking documents, official records, photos and by questioning staff responsible or otherwise trusted to be a reliable source for the facility in verification.
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VERIFYING THE COMPANY ASSETS
It helps identify potential risks and inaccuracies, assesses the adequacy of internal controls, and provides assurance to stakeholders that assets are managed effectively.When a company performs an internal asset audit, it confirms the existence and value of certain assets. Identifying depreciation through an internal asset audit gives a company a better understanding of what financial leverage it has and which assets may experience depreciation in the future.
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VERIFYING LIABILITIES
Verification of liabilities is as important as assets. If any liability omitted or overstated or understated in the Balance Sheet then Balance Sheet would not show true and fair view of the state of affairs of the business.
Verification of assets and liabilities is a process in auditing that involves checking the existence, ownership, valuation, and disclosure of an organization's assets and liabilities. It helps auditors to ensure that the financial statements accurately reflect the financial position of the organization.
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ADHERENCE TO ACCOUNTING STANDARDS
Financial reporting standards are essential for corporate transparency and accountability. These standards set the global accounting guidelines that companies must adhere to when preparing their financial statements, which provide an accurate overview of a company's performance and position in the market.
STOCK AUDITS
A Stock audit is a physical count of the stock that is maintained at a particular place at a particular point of time. This audit can be performed at warehouse of a brand, a distributor point or at point of sales of a retailer. By performing these audits, the brand will have a clear picture of recorded inventory vs the actual inventory leading to clarity in key decision making
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Stock audits might assist you in enhancing your company's financial stability. You can learn more about the components of your inventory that sell badly or underperform in any other way by undertaking a thorough investigation of the present state of your physical items and the frequency of their purchases.
A Stock audit is a physical count of the stock that is maintained at a particular place at a particular point of time. This audit can be performed at warehouse of a brand, a distributor point or at point of sales of a retailer. By performing these audits, the brand will have a clear picture of recorded inventory vs the actual inventory leading to clarity in key decision making.
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HERE ARE SOME OF THE PRIMARY BENEFITS OF STOCK AUDITS
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Auditing inventory is directly related to your profit calculation.​
If some of your items are missing or misplaced, it’s the same as if money were missing or misplaced. That’s why investing in timely inventory is needed for accounting purposes and profit & loss statements.
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Stock audits can help you improve the financial health of your business.​
By conducting a thorough analysis of the current status of your physical goods and the frequency of their purchase, you can gain insights into parts of your inventory that sell poorly or underperform in any other way.
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Inventory management helps you prevent or identify fraud and/or theft.​
If your stock audit reveals any discrepancies between the recorded goods and their physical equivalents, it could be the result of these unfortunate aspects of inventory storage.
THE STOCK AUDIT PROCESS
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SCHEDULING STOCK​​
scheduling stock is most important factor in stock audit process or you can say healthy challenge for us.Running out of stock would be the worst thing that could happen to you during the stock audit. After all, you don’t want to put your entire business on pause while the audit is conducted. Of course, this isn’t always possible, and some smaller businesses may be able to shut down for a day, but this is a dangerous approach. That is why, prior to auditing, it is critical to dive deeply into the data, find accurate time and schedul stock accordingly so it doesnt hamper your sales and business operations.
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LOCATION BARCOADING​
Barcoding inventory is much quicker and easier than manually entering numbers into a computer, and it tends to be far more accurate as well. Because of this, you'll have a much easier time with stock auditing with barcodes than you would otherwise.
In a warehouse, the barcode might encode an item's size, color and other attributes, as well as its location, so the company has a detailed view of current inventory and can quickly fulfill orders or conduct physical inventory counts it helps to reduce stock auditing time and improve accuracy level.
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SCANNING OF STOCK​
The barcode should be the SKU number. Create a Record Scans service type with app-use prompts to have your app-users enter information about the item. The app user will apply a barcode to an item and then scan it during the stock audit, due to this we reduce unethical practices with our stock.
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GLOBAL COUNTING​
Doing everything twice may seem like overkill, but in-stock auditing double-checking is a must. The human error or softwear error factor is in play here and the scale of the job can often be too much to be trusted to a single source. This is why it’s essential to cross-check your discoveries. Mix and match your auditing techniques (as long as you can justify the change).after physical scanning of inventory go with traditional global count method, just make sure that the final count is as precise as it could get.
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UPLOADING ON POS/INVENTORY SOFTWARE AND VARIANCE ANALYSIS​
variance analysis is the core of stock audit process. after uploding the scanning inventory on POS/inventory software, we can genrate compare report for variance analysis. A stock variance occurs when the inventory management system has a recorded quantity of stock items that is incorrect to what is physically available.
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SIGN OFF AND FLASH REPORT​
in audit sign off report- we analys stock accounting, cash accounting reports before audit performance and after stock audit and variance report.For audits conducted in compliance with laws or regulations other than the Corporations Act 2001, the engagement partner can sign the Auditor's Report in the name of the firm, unless the applicable law or regulation requires the engagement partner to sign in their own name.
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ANNEXURE AND CHECKLIST FOR OBSRVATIONS​
Audit documentation also facilitates the planning, performance, and supervision of the engagement, and is the basis for the review of the quality of the work because it provides the reviewer with written documentation of the evidence supporting the auditor's significant conclusions. in this checklist we covered other SOP and asset compliance issues so that they can manage assets as per the standard of the business specific sector. An organization must comply with the relevant laws and regulations and internal policies. Compliance ensures that the organization follows the rules made by the government and authorities.
WHY VIVIDPRO AS YOUR STOCK AUDITING COMPANY ?
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Vast geographical coverage: We have a huge database of 100,000 Auditors, freelancers, and shopers in every remote location. SO We can cover remote locations fast and easily.
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100 % completion rate: While many companies claim a 100% completion rate,vividpro never breaks promises. No exceptions, no excuses, our promised completion rate is 100%.
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Detailed audit reports and annexure:we have dedicated Quality check team for report edit and finalization.only after a QC it share with our client so it increase report quality.
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Highly engaged, top-performing auditors: We recognise that our auditors are also stakeholders and are extremely valuable to our company. highly trained auditors stationed at specific locations. For each programme, the best candidates are chosen, trained, tested, and certified. We ensure that our customers know exactly what to look for and listen to by providing extensive training modules.
RETAIL AUDITS
Retail audits are carried out by US, which includes studies of selected retail outlets performed by brand representatives or retail store employees for the purpose of collecting data about the health of the brand’s products. This serves as a tool for suppliers to ensure that retailers are complying with pre-established agreements on product placement, pricing, and promotion. Also, allow brands to accurately measure their success in the retail environment.
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MARKET RESEARCH
VIVIDPRO helps you gather Market Insights and lets you paint a bigger picture of where you stand and where you can be. With our hybrid techniques of quantitative and qualitative research, we help our customers in not only knowing their competition, but also to win over them.
1.MARKET SEGMENTATION
vividpro divides consumers based on their demographic, behavioral, psychographic or firmographic traits to study their responses to marketing strategies.
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BENEFITS OF MARKET SEGMENTATION
• Helps differentiate one customer group from another within a given market.
• Facilitates proper choice of target market.
• Brings benefits not only to the marketer but to the customer as well.
• The marketer can look at the differences among the customer groups and decide appropriate offers for each group.
• Helps achieve specialization required in the product, distribution, promotion and pricing for matching the customer group and developing marketing Offers and appeals that matches the needs of such group.
• Makes the marketing effort more productive and economic.
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MARKET SEGMENTATION PROCEDURE
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SURVEY STAGE
The research conducts exploratory interviews and focus groups to gain insight into consumer motivations, attitudes, and behavior. Using these findings, the researcher prepares a formal questionnaire to collect data.
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ANYLASIS STAGE
The researcher analyses the data to remove highly correlated variables and then applies cluster to create a specified number of maximally different segments.
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PROFILING STAGE
Each cluster is profiled in term of its distinguishing attitudes, behavior, demographics, psychographic, and media patterns. Each segment can be given a name based on a leading distinguishing characteristic.
2.OUR MARKET RESEARCH METHODOLOGIES
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UNVEILING THE MARKET LANDSCAPE
Our market research methodologies act as a powerful lens, providing a clear view of your target audience. We initiate the process with desk research, meticulously gathering existing data and industry reports. This initial phase serves as the foundation, laying the groundwork for a comprehensive understanding of the broader market landscape. By analyzing this data, we can identify trends, gauge market size, and uncover potential opportunities for your business. Desk research allows us to hit the ground running, equipped with valuable insights that guide the direction of further investigation.
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DIVING DEEPER - UNCOVERING PREFERENCES AND BEHAVIORS
Once we have established a solid understanding of the market landscape, we delve deeper to explore the intricacies of your target audience. Here, our methodologies shift towards gathering qualitative data. We conduct focus groups, fostering interactive discussions amongst a carefully selected group of individuals. This dynamic environment allows participants to share their experiences, preferences, and motivations, revealing valuable insights that traditional surveys might miss. Additionally, we leverage depth interviews, one-on-one sessions that provide a platform for in-depth exploration. Through these focused conversations, we gain rich insights into individual thought processes and personal experiences with similar products or services. Furthermore, we employ observation techniques, allowing us to analyze real-world behavior and interactions in a natural setting. By observing how potential customers engage with products or services, we can glean valuable clues about their needs and pain points.
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BUILDING THE BRIDGE - FROM DATA TO STRATEGIC DECISIONS
The final stage of our market research process involves transforming the collected data into actionable insights. To ensure the accuracy and validity of our findings, we utilize sampling & statistics. By carefully selecting representative groups and employing statistical methods, we can draw meaningful conclusions that accurately reflect the broader market. This robust foundation allows us to design questionnaires, crafting targeted questions that gather quantitative data to measure specific aspects of your target market. Through this combination of qualitative and quantitative research methods, we paint a holistic picture of your market. This comprehensive view empowers you to make informed strategic decisions, ensuring your products and services resonate with your target audience.
3.FINANCIAL RESEARCH
Financial Research is the process of evaluating business projects, budgets, and other finance-related entities to determine their performance and suitability. Simultaneously. Financial Research is used to analyze whether an entity is stable, solvent or has a liquidity position or profitable enough to warrant a monetary investment. while looking at a specific company or a financial analyst which conducts by focusing on the income statement or balance sheet.
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COMPLIANCE AUDITS
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Ensuring Smooth Operations: The Power of Compliance Audits with VIVIDPRO
In today's complex regulatory environment, navigating compliance can feel like a daunting task. VIVIDPRO steps in to empower your organization with a comprehensive solution for compliance audits. Our in-depth audits go beyond simply checking boxes. We delve into the core of your operations, providing a clear picture of your adherence to regulatory guidelines, compliance preparations, security policies, and risk management procedures.
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VIVIDPRO's compliance audits are meticulously designed to identify potential areas of weakness. We assess the effectiveness of your existing compliance framework and uncover any gaps that could leave your organization vulnerable. This proactive approach allows you to address issues before they escalate into major problems, protecting your reputation and ensuring the smooth operation of your business.
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The insights gained from a VIVIDPRO compliance audit are invaluable for organizations of all sizes. Our detailed reports not only identify areas for improvement but also provide actionable recommendations for strengthening your compliance posture. This empowers you to make informed decisions about your internal controls and risk management strategies, fostering a culture of compliance within your organization.
MYSTERY AUDITS
vividpro enables you to get an insight at your customer delight driving behaviors & experiences. Store staffs compliance towards SOPs and Policies. Inventory measurement and Reconciliations.
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We have a huge database of 100,000 shoppers, freelancers, and auditors in every remote location. Every month, we conduct over 1000 audits with shoppers in over 200 cities and towns across India.
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It is the process of hiring an auditor to go undercover to target stores or customer touchpoints. He disguises himself as a casual shopper in order to gather critical information about the quality of goods and services. Our mystery audits allow you to precisely measure the experience of your customers.
It doesn’t matter if it’s in your retail stores, service locations, or customer touchpoints. We assist you in measuring compliance with policies and SOPs through Retail Audits.
WHY VIVIDPRO AS YOUR MYSTERY SHOPPING COMPANY ?
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Retail network audits ensure fixtures, furniture, signage, demo units, and branded displays are well maintained. Align the company’s focus on improving customer service, resulting in an increase in sales Discover if customers receive consistently superior customer service at every location and customer touchpoint Improve suggestive selling and provide customers with the information they want, resulting in an increased number of items purchased per customer visit.
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We have worked with sector leading companies on their mystery shopping initiatives and have evolved our processes and designs to perfect our clients’ experiences. we ensure proper checks at all process points, with in-depth analysis and data reports on your dashboards. We have a huge database of 100,000 Auditors, freelancers, and shopers in every remote location. SO We can cover remote locations fast and easily.
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We ensure that only top-quality shoppers are deployed on projects through our automated training and certification processes. Before reporting to clients, we check each response for accuracy and insightfulness by measuring quality. No matter what your objectives are, we will partner with you to develop a program that provides actionable results. We will use state-of-the-art market research technologies and proven mystery shop methodologies.
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CUSTOMER EXPERIENCE AUDIT
Factors such as store ambience, staff courteousness, communication skills, facilities and infrastructure, the billing process, and other aspects of customer service are all important in a customer experience audit programme. By simulating a customer visit by an auditor to your end customer touchpoint, our customer experience management audit process objectively gauges the end customer’s experience. Mystery Auditors who are an exact match to the profile of your target audience secretly visit locations. To conduct a customer experience audit, they tap the key parameters of their experience on dozens of objective and subjective parameters. Following that, a weighted average indexing process converts these measures into an index that you can use to objectively evaluate the quality of audits at your locations. Measurements and insights are reported at the location level and can be aggregated at any organisational structure or geography level. Reports’ detailed analysis provides a customer’s perspective on their experience.
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PRICE CHECEK AUDITS
With Price audits,vividpro ensures that the organization maintains consistency across similar accounts, maximise profitability and provide an external barometer for measuring prices against the marketplace. Pricing audits also ensure that prices are matched against customer segments to ensure that appropriate pricing is done by the organization
INFRASTRUCTURE AUDITS
Have you ever stopped to consider the foundation upon which your entire business operates? It's not just the eye-catching storefront or the sleek displays showcasing your products. It's the underlying infrastructure, the silent workhorse that ensures everything runs smoothly. VividPro recognizes the significant investment you make in building your service or product – the stores, fixtures, furniture, signage, and more. But we also understand the immense resources poured into maintaining this essential infrastructure.
An infrastructure audit acts as a comprehensive health check for your business's operational backbone. It's a proactive approach that goes beyond simply fixing problems when they arise. VividPro's infrastructure audits delve into the core aspects that keep your business running efficiently.
This includes a thorough examination of your :
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PHYSICAL INFRASTRUCTURE
The audit assesses the condition of your buildings, electrical systems, HVAC (heating, ventilation, and air conditioning), plumbing, and security measures. It identifies potential issues that could lead to disruptions, safety hazards, or unnecessary operating costs.
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IT INFRASTRUCTURE
The audit evaluates the health and performance of your IT systems, including hardware, software, networks, and data security. It ensures your systems are up-to-date, secure from cyberattacks, and optimized for efficient operation.
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COMPLIANCE
The audit verifies your adherence to relevant industry regulations and safety standards. This can encompass aspects like fire safety protocols, accessibility guidelines, and data privacy regulations.
By taking a holistic view of your infrastructure, an audit uncovers areas for improvement and potential cost savings. It helps you prioritize upgrades or replacements, ensuring your infrastructure remains reliable and supports your business growth.
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THE VIVIDPRO ADVANTAGE: PROACTIVE MAINTENANCE FOR OPTIMAL PERFORMANCE
VividPro's infrastructure audits go beyond simply identifying problems. We understand that every business is unique, with specific needs and goals. Our experienced team takes the time to comprehend your business operations and tailors the audit to address your specific challenges.
The benefits of partnering with VividPro for your infrastructure audit include :
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REDUCED DOWNTIME
By proactively identifying potential issues, we can prevent costly disruptions and ensure your business continues to operate smoothly.
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ENHANCED SECURITY
Our audits focus on strengthening your IT infrastructure and data security, minimizing the risk of cyberattacks and data breaches.
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IMPROVED EFFICIENCY
Through optimization recommendations, we can help you streamline your infrastructure, leading to cost savings and a more efficient work environment.
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COMPLIANCE ASSURANCE
Our audits ensure you meet relevant regulations and standards, giving you peace of mind and avoiding potential penalties.
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FUTURE-PROOFING
We help you identify areas for infrastructure upgrades that can accommodate future growth and changing business needs.
VividPro's infrastructure audits empower you to move beyond reactive maintenance and embrace a proactive approach to your business's foundation. By investing in a comprehensive audit, you safeguard your investment, optimize operations, and ensure your business thrives on a solid and reliable infrastructure.
