The review team adopted a dynamic approach taking into consideration the operational challenges posed by COVID-19, the ensuing lockdown, and the dire need of the hour.
A three phase approach was followed by the review team, each phase was executed with due discussions and inputs from the management to maintain assured efficiency and quality..
- Understanding the process: Developing a preliminary understanding of process and related guidelines, documents, and role of stakeholders
- Review and evaluation: Identifying and reviewing focus areas and key points, using materiality and probability-based sampling techniques
- Reporting: Reporting review points, recommendations and key results
Based on review of evidence obtained and the information / explanations provided to us, no significant design failures or transaction level failures were observed. However, few improvement opportunities were observed during the review which have been highlighted to the management separately.