Relating to which Act: The Contract Labour (Regulation & Abolition) Act, 1970
Type: Blog on Karma’s vendor audit process
Relevance of this news: Karma’s vendor auditing process, the methodology, and the independence of the auditors.
Subject: KARMA ENTERS THE BIG LEAGUE AS AN AUDITING FIRM WITH OVER 5000 VENDOR AUDITS PER MONTH ON PAN INDIA BASIS, WITH STATE SPECIFIC CHECKS.
For greater details, appended below is the complete news item
KARMA ENTERS THE BIG LEAGUE AS AN AUDITING FIRM WITH OVER 5000 VENDOR AUDITS PER MONTH ON A PAN INDIA BASIS, WITH STATE-SPECIFIC CHECKS.
Karma Management Global Consulting Solutions Pvt. Ltd. is a global tech organization, which is into HR and compliance, having established itself as a private limited company in the year 2004 and has just celebrated 18 years of successful existence this current year.
Karma Global handles a plethora of services, right from recruitment and talent acquisition to onboarding, appointments and contracts, performance appraisal and training, payroll, temp staffing, advisory services, Facility Management, litigation and disputes, and labour law regulations.
It has currently on board, over 6000 employees on its temp staffing payroll which is also known as the Global Contingent Workforce, having gone global in its operation from April month of 2021 since having established itself as a top-notch service provider in countries like Canada, the USA, UK, Europe, Middle East, Far East, and Asia.
However, the main source of its foray into labour laws has been the primary service of auditing besides non-auditing services and Karma has been one of the leading auditing and consulting firms in India in the arena of vendor compliance Management.
In the industry, it is well noted by all that if a thorough compliance risk audit has to be done, it is none other than Karma who is a leading player, conducting about over 5000 vendor audits per month and covering an expanse of almost 5000 vendors or contractors on Pan India basis.
It has in its portfolio, a list of experienced auditors of over 10 years who have been handling the vendor audit process for a very long time, much to the satisfaction of the clients and principal employers.
One of its most deserving checklist points in the total compliance checklist of 54 points, is the acts and checks on contract labour act besides the other statutory acts.
Karma’s Strong Advisory Leadership Team of M/s. Sundeep Puri, Gurmeet Singh, Parthasarathy Sivaraman, Vinod Kumar, and Raj Kumar Adukia, have always believed that the independence of the auditor is key to any quality audit and in any given forum they keep on reiterating that Independence to a very large extent affects the ultimate summarization of any audit report in the final expression of its concluding audit statements.
Therefore, Karma ensures that an auditor’s independence is never compromised for whatever reason as all the auditors are governed by a code of conduct. In the start-up of any process leading to an audit, the auditors are duty bound and conscience bound to sign a code of conduct which entails the method and manner in which the audits are required to be carried out without any fear or fervor so as to keep them free and independent on any such impacts which may become detrimental to good quality and quantitative audit reporting by the team of over 40 auditors that Karma has on its present role.
Karma’s style of auditing for the last 2 decades, who come with legal background or come with a large cache of expertise having worked in this field for many years, never let their heart and mind interfere with the core auditing process. These richly trained Karma auditors go strictly by the rules of the law and the rules laid down in Karma’s auditing guidelines. In case of any deviation for whatever justified reason coming from the principal employer or from the concerned vendor partners, these have to be tabled before the Head of Audit who in turn reports to the Audit Leadership Team for sanctions on such deviations.
Karma enters the big league as an auditing firm – “Wechecked” Tool stands out as a state of technological art with AI
The tool called “WeChecked” which has been the brainchild of Pratik Vaidya, who himself was an auditor in the formative years has been developed inhouse over his years of vast experience and knowledge and the tool today stands out as a state of technological art with AI built-in, in aiding the Vendor Management process, assisted by chatbot and auto loading of documents.
It is well said and recognized that Karma strongly imbibes the virtues of independence, integrity, excellence, and transparency in auditing and reporting and the audit reports of the auditors can never have any room for any iota of doubt or any room for aspersions as the audit process is diligently and rigorously followed right down from the first step of the auditing guideline to the last step without any error or mistake which goes through several layers before finalization.