Title: Risk based audit in construction projects - Role of an Internal Auditor

Biography:

Dr. Kamesh is a finance and accounting professional with more than 20 years of experience in diversified fileds. Dr. Kamesh has exceptional knowledge of more than a decade in Research, Mentoring, Finance & Accounting, and Information Technology. He has a great brink of working in different diversified industry classes like Construction, IT solutions, Education, Interior Designing, Food solutions, Project Supplies, and Project Management with an in-depth understanding of business operations. Dr. Kamesh, in his last role, has been consistently demonstrating his managerial skills and achieved expertise in the risk-based audit of operations, financials, and MIS in a high-end ERP-driven environment. Dr. Kamesh has performed exceptionally well as a Project Leader in the various complex implementation of ERP solutions (Oracle Financials) and Business Intelligence systems (Oracle Hyperion Planning & Essbase) for a globally reputed business conglomerate. His areas of expertise are IFRS, Finalization of Accounts, Internal Audit, ERP & BI consultant. He is currently undergoing a Management Development Program in Strategic Finance from the Indian Institute of Management (IIM), Lucknow, to expand his skills portfolio in the areas of M&A, FPNA, Business valuations, Corporate Strategies etc.

Abstract

Internal audit is an independent activity carried out with utmost good faith and integrity to identify the organization's uncertainties. Project management is a systematic process of managing and administrating a project within a pre-defined time frame and cost brackets. Construction projects are exposed to a high degree of risk in terms of their statutes and legal obligations. The project's possible risks can be classified into quantitative and qualitative risks, which have a considerable influence on the execution of the project. Internal audit predominantly depends on the showcase of fair knowledge on project operations, financials, legal and statutory responsibilities. An internal auditor is expected to gain expertise in conducting a critical review of project financials by the International Financial Reporting Standards (FRS). Using his professional ethics, the internal auditor should demonstrate his integrity and honesty and submit a fair and unbiased report on the happenings of the project. Internal auditors shall not be limited to a specific audit area and spread their vigilance in other areas of operations. This presentation aims to evaluate the role of an internal auditor in assisting the board in blowing the whistle in abnormal transactions.