Audits are basically done for the organization to keep a health check up on the compliance front and to monitor whether the organization is compliant and adhering to all the statutory rules of the Labour department. The audit process is a compulsory mandate for all organizations in the country and every company should carry out this activity in their respective organizations. In order to attain an objective assessment of the business’s vendors’ compliance, a vendor audit is performed at every reputed company. A compliance-focused vendor audit should take into account the risk assessment, scope, limitation, privacy considerations, and documentation. The aim should not be to audit every vendor engaged by the organization, rather conduct a thorough audit with greater frequency for targeted, high-risk vendors. As leaders in the domain of compliance and governance, Karma Management Global Consulting Solutions Pvt Ltd. with the help of its automated software tools makes sure that your business is free from fraud vendor risks by providing a detailed audit of the vendors.
The audit process is very important for all the organizations as it would help them to know whether all their compliances pertaining to the establishment, payroll, vendor are in place and they do not have any financial risk element. With the number of vendor frauds being increasing with every passing day, vendor audits are thus an essential part of strengthening your organization. With our digital tools, our clients no longer need to worry about their vendor’s compliances as even before the contract is made we present to them our thoroughly researched vendor audits to make them aware of any potential risks.
Karma Management Global Consulting Solutions Pvt Ltd. introduced its online tool WE CHECKED which takes care of all the 3 buckets of compliances which are establishment, payroll & vendor compliances. The auditors use the WE CHECKED online tool for all the audits related to the vendor. The tool by the virtue of having an inbuilt AI & ROBOTIC Process automation helps the task to be completed within no time & the output is faster with minimal manual intervention. We CHECKED not only reduces the time consumption of the vendor but the user-friendly interface makes the upload easier for every vendor. By providing a readymade checklist of the documents and the formats, the tool makes sure that they are approved by the respective state governments. The tool also shares an interim compliance score immediately to the user post the uploading of the documents along with providing regular reminders to them if the documents are still pending and not uploaded.