Audit And Compliance Services

Transaction Audit

Centillion’s transaction auditing can track daily transactions globally and validate the data present in the physical vouchers and instruments. It facilitates identification and rectification of errors such as the wrong amount being credited / debited, the wrong account being credited / debited and multiple credits/debits for the same transaction, etc. In addition, the transaction audit also provides alerts on deviations from statutory, regulatory, and process guidelines, and other procedural violations. The transaction audit application is interactive and can be used for online updating of resolution of exceptions, as well as for trend analysis.

This audit helps clients to:

• Avert potential customer service issues.
• Escalate issues in time to take care of customer concerns.
• Receive early warning signals to prevent fraudulent transactions, High value transactions.
• Prevent fraudulent transactions and financial loss.
• Monthly Branch grading system to evaluate the performance of Branches and grade the branch -A,B,C
• Escalate Late branch closing report, late cash closure report to client so as to be vigilant on such branches.

Transaction Audit Workflow

Concurrent Audit

Centillion’s concurrent audit checks for KYC compliance of all loan files, credit processes for all retail loans, termination/foreclosure processes, collections and remedial processes, vendor empanelment and payouts, and project finance and commercial equipment loan disbursements and monitoring. The concurrent audit checks to see if all loans sanctioned are KYC-compliant, and tracks the compliance status of sanction terms, including post-sanction and post-disbursement documentation status. The audit ensures that all charges are collected from the customer when terminating loans, and that all collections and remedial processes are followed. It facilitates identification and rectification of errors online, and can be used for online updating of resolution of exceptions, and for trend analysis. In addition, the system also provides alerts on deviations from statutory, regulatory, and process guidelines, and other procedural violations.  This platform averts potential customer service issues and aids in timely escalation of issues to take care of customer concerns and in sending early warning signals to prevent fraudulent transactions.

Concurrent Audit Workflow

Hind Sighting Audit

Centillion Hind Sighting (HS) Audit system enables the identification of the KYC-compliance, Statutory compliance, legal, property docs, repayment etc. of loans such as regular home loan, affordable home loans and PMAY loans and the compliance status of sanction terms, including post-sanction and post-disbursement documentation status. The online Hind Sighting audit application captures all the exceptions identified while auditing, and also enables the online resolution and rectification of the audit observations. The exceptions and responses are standardized and coded into the system to avoid ambiguity in publishing the audit reports, in providing analysis of audit observations, and in updating the resolutions. Our customers have gained considerable advantage by the use of this system in ensuring that customer accounts are regulatory compliant and that customer files are accurate before the organizations sends the files for storage.

Hind Sighting Audit Workflow

BC Micro Finance Branch Audit

Centillion audits BC branches which grant loans to Self-help Groups (SHG) and Joint Liability Groups (JLG). During the audit of such branches, auditors review the aspects on the scalability and sustainability of the business and capability of ISB BCs to comply with all Statutory, Regulatory, Process and procedural regulations on an ongoing basis. The audit will cover, the correctness of disbursement, growth & health of the portfolio, collection of EMIs and remittance of the amount to the bank within the TAT, overdues, efforts made to collect the overdues, correct utilization of loan proceeds, staff awareness of the guidelines etc. The auditor will also take photograph of the Branch along with staff and himself and upload it along with the audit report.

Audit of Customer Groups

This audit is done by visiting the customer groups financed under the SHG and JLG schemes. The auditors talk to the customer and gauge the customer awareness, hygiene matters such as attendance in group meetings and risk exposure to the Bank. The Auditors also examine the utilisation of the loan for the purpose for which the loan is granted, the concept of their joint liability, and visit some of the assets created out of the loan such as Cows, Kirana Shop etc. The audit also will cover aspects such as Financial Literacy, training given to the customers and the familiarity of the customers with Bank/MFI Officials. The auditor will also take photograph of the customer and assets created by hem and upload it along with the audit report.

Finance for Farmers for KCC, Dairy and Farm mechanisation and Micro Industries

The auditors visit the farmer’s house as well as the fields and understands how much land is owned by him and or leased by him for crops; whether the farmer has invested the entire loan in the crops, the different types of crops grown by him, condition of the crop, whether damaged or not etc. The auditor will also take photograph of the farmer’s house as well as the field and equipments like, Tractor, Harvester etc own by him and upload along with the audit report.

Information System Audit

Centillion’s Information System (IS) Audit assesses an organization’s information security processes and procedures. The audit primarily focuses on the organization’s information risk and its compliance with established information security standards.

Centillion’s IS Audit assists in the assessment of risk to an organization’s IT infrastructure, network security, network performance, application and information security, and IT architecture security. Technical, functional and process audit for all aspects of security are part of the Information Security Audit.

The IT Infrastructure Audit encompasses logical, physical, and environmental security of the organization’s IT assets.

The Network Security Audit primarily focuses on the security of an organizations network and networking components.

Application Security Audits are conducted in line with OWASP security guidelines, and checks for exploitable vulnerabilities on hosted web servers, database servers, and ERP solutions.

Network Performance Audits focus on understanding and highlighting performance bottlenecks due to network components. Network Performance Audits also focus on understanding and highlighting performance bottlenecks due to network components. Vulnerability Assessment to identify and quantify vulnerabilities in a system and Penetration testing to evaluate the security of a computer system or network are integral parts of this audit.

Centillion, through its Compliance Audit, enables organizations to establish and maintain an Information Security Management System (ISMS) and a Business Continuity Management System (BCMS) which enable organizations to adapt and respond rapidly to internal or external disruptions or threats.

Computer software is a form of intellectual property and is covered under copyright laws. Centillion assists in conducting a Software Compliance Audit to check and ensure that the client is compliant with such copyright laws.

Revenue Leakage

Auditing revenue leakage is not only critical but is a highly complex and resource-intensive activity. Considerable amount of total industry revenue is lost due to errors, mistaken calculations, incorrect refunds, and inappropriate commission calculations.

Centillion audit for revenue leakage enables Banks, NBFCs, and other organizations and companies to minimize revenue leakage and generate revenue recovery. The audit identifies internal discrepancies, determines revenue, taxes, refunds, and commissions, and accordingly generates debit or credit memos for revenue gains/losses, and reduces the need for manual interventions and associated errors.

Cutting-edge auditing technology, greater data accuracy, enhanced revenue recovery, improved auditing processes, and efficient and timely processing are some of the hallmarks of the system. The user-friendly revenue leakage platform helps to improve profitability by protecting revenue leakage areas and by generating additional revenue, providing quick search functionalities, enabling process and solution effectiveness, improving efficiency, implementing cost-efficient and innovative processes, regulatory compliance.