Internal Audit and
Risk Management Consulting

Teolupus Internal Audit and Risk Management Consulting is a boutique management consulting company.

Teolupus provides services towards corporate governance, effectiveness and efficiency of organizations.

Our activities cover all the corporate processes towards strategic, operational, production and support functions.

Teolupus renders superior and customized risk based internal audit, corporate risk management, internal control, organizational process improvement and other consulting services with its experienced team who have international certificates (Certified Internal Auditor, CRMA, CCSA, CFSA, CGAP, CISA, CFE, Licensed Accountant and Financial Advisor, Credit Rating Licence, Corporate Governance Rating Licence, Derivative Instruments Licence, Capital Market Activities Level 3 Licence). Teolupus takes into account international professional frameworks, standards and best practices in relating sectors and it also provides software support for these services exclusive to organizations.

Besides, Teolupus renders services in conformity with the Quality Assurance and Development Program standard no 1300 for the works of the internal audit departments with the definition of internal audit, internal audit standards and the code of ethics.

Our firm possesses the Service Adequacy Certificate issued by the Turkish Standards Institute.

As Teolupus, we act with the understanding of boutique service, which is designed completely for your company's needs.

First of all with our experts who know international standards we identify your organization, determine your needs, scope and duration.

As a result of this preliminary study our services which aimed to add value to your company will be designed according to your need and will be implemented to your company. Such as placing the approach of managing with a process perspective (define, document-measure, evaluate and improve), determining the risks of the company and taking measures, increasing competitiveness and reputation, increasing the efficiency and strengthening the controls.

After completing our work, we continue to make regular evaluations with our customers in the process of obtaining the results we offer to our customers.

We would like to point out that all of our customers wanted to get more counseling services after their first work with us.

Today, the competitive environment in which companies are involved requires defining and managing the important risks. When we analyze the current situation, we see the followings:

  • International competition is felt in almost every sector,
  • In addition to the strategic, financial, operational and management risks, reputation, information technology and corporate culture risks arise,
  • Organizational structure, practices and employee behaviors are differentiated in risk-innovation/growth/profit/ oriented corporate cultures,
  • Geostrategic and geopolitical developments affect direction of economies and may even g oto economic protection decisions,
  • Information technology and internet-based inventions and products can disrupt traditional business practices and market dynamics,
  • Basic economic indicators such as TL and foreign exchange interest rates and exchange rates, become more volatile,
  • Rapid preference changes can be observed in customer loyalty,
  • It is observed that the rapid increase in the number of brands, accelerated product, brand and life cycles,
  • In order to accelerate the international mobility of capital, various regulations are made especially in the fields of accounting and law.
  • Implementation of international reporting standards (IFRS) has an impact on the financial reports of companies,
  • External audit is expanding towards increasingly smaller enterprises,
  • The methods such as go public, merger, acquisition and partnership become widespread with the support of angel capital and venture capital as risk, efficiency, production, marketing and fund management optimization tools advance,
  • The boards of directors are gradually becoming more functional than symbolic and working according to expertise in committees,
  • There is a need to apply new methods to increase the motivation of employees and increase their loyalty especially for new generations,
  • “Process Management” approach is gaining importance in order to better understand the current functioning, to measure and improve business results and to recognize responsibilities.

As Teolupus, we are with you in the midst of all this turbulence to increase your company's competitiveness and become more effective and efficient.

To manage your risks, use your resources on-site, take measures against fraud and abuse in your institution, to save your expenses, to prepare you for the process management, to keep ready for external audit, strengthening your competitiveness, resilience and reputation are the important results you can get in our expertise. We can list our services as follows:

  • Internal Audit and Risk Management Services
  • Dealer (Franchise) Audit Services
  • ERP Consulting Services
  • Human Resources Services
  • Fixed Asset Services
  • Digital Transformation Services
  • Managing Legal Risks Services
  • Strategic Management Consulting
  • Corporate Risk Management
  • Institutionalization and Professional Management Services
  • Reducing Company Expenses and Production Costs
  • Corporate Training Services

 

A-Sector Retail Food
Demand and problem

Problems such as the examination of profit insufficiency, high costs, seasonal instability, and the high level of personnel turnover due to the problems of corporate governance.

Sample solution suggestions
1. Expense analysis was performed and some of the expenses were found to be high:

  • Efficiency suggestions are made by reviewing advertising expenses and comparing cost-contribution,
  • Suggesting reduction options the banking commissions,
  • Optimization recommendations for personnel expenses during the months when the turnover falls
  • Determination of accounting and tax risks, submission of recommendations and taking advantage of sectoral incentives,
  • Developing proposals for reduction of market-oriented procurement costs through supplier evaluations,

2. Producing product, geographical region, customer segment and savings suggestions for seasonal turnover fluctuations,

3. As a precaution for management problems, recommendations for documenting the existing processes, responsibilities, work flow plans, instructions, procedures, organization plan in a way to increase efficiency

B-Sector: Wholesale Food
Demand and problem

  • Determine the activities in order to supply the product from the suppliers and meet the customer expectations in a timely manner, minimize the unit costs of stock investments and have the optimum level of stocks.
  • Process inefficiency and high staff turnover,
  • Confusion in the organization,
  • High error rate in documents such as invoice and packing list,
  • Inventory tracking system and design shortage,
  • Incorrect and incomplete applications in accounting records and management reporting.

Sample Solution Recommendations

Coordinated work with our computer software and stock counting experts:

Inventory management process procedure, effective inventory management functional organization plan, inventory management process identity card, sub process maps (order taking, order creation, collection of products into the dispatch area and shipment, sales invoicing and accounting registration, procurement, acceptance of goods, shelf placement etc.), job descriptions, inventory management internal control criteria, inventory count bylaws, stock management instructions (acceptance of goods, transportation and storage, stacking, using forklift and other lifting equipment, loading and dispatching, health and safety, fire, hygiene etc.) were prepared. Also training is provided.

C-Sector: Construction - Electrical Panel Production
Demand and problem

  • The accounting system generates late information and needs assurance to ensure that the output is correct,
  • Information on cash management and financing structure and management of risks (exchange rate-interest risk, etc.),
  • There are shortcomings in all processes and procedures internal and regulations need to be prepared,
  • The current organizational chart does not respond to current needs in terms of efficiency,
  • Job and job descriptions for executive positions and the qualifications required by these personnel need to be rebuilt,
  • Performance Evaluation and Reward-Appreciation System will be reviewed,

Sample solution recommendations

Accurate and timely data, document and record generation infrastructure of the accounting system were developed and contributed to accurate and timely preparation of key reports such as balance sheet and income statement.

The company's financial statements were analyzed and compared with the best practice in the same sector, so that the company's managers were informed about their financial position.

All processes in the current application, documented records and record system were examined. The risks and control deficiencies were reported to the management. Also, all process procedures (including financial and administrative affairs, operations and production) and sub-process procedures were rewritten and put into process maps. Works have been carried out in accordance with existing ISO 9001 documents,

The current organizational chart has been revised in terms of efficiency, and a new organizational chart has been implemented in agreement with the management,

Job and job descriptions are rebuilt for executive positions, and the qualifications required by the appropriate personnel are specified,

Performance appraisal and Reward-Appreciation System was revised, information and performance indicators were presented to senior management on an ideal system and trainings on management issues such as behaviors as per code of conduct, trust, communication, strategy and leadership were provided.

Warehouse and Logistics, Production process procedures and process maps (work flow charts) were prepared.

D-Sector: Textile – Manufacturing and Retail Sales

Demand and problem

Efficiency is below expectations, lack of communication within the company, uncertainities difficulties in transition to a professional management, nonexistence of internal audit function, lack of usage of ERP systems and thus uncertainity in data confidence, nonreconciliation between inventory count of main ware house and records, high number of product returns and customer complaints.

Preperation of business processes and mapping are required.

Findings, relating risks and mitigation solution options were presented to the company.

Sample Solution Recommendations

Mapping of business processes was prepared

A structure to continiously identify and measure risks was submitted

Solutions were provided given to correct mistakes in store controls and inventory counts together with an updated checklist

Solutions were presented to set in order of problems in e-commerce related inventory, logistics, pricing and sales channels

Production plan between factory and contract manufacturers done wrongly and this planning was not followed due to governance and managerial problems and this had affected late deliveries to stores. Solution options were presented.

Insufficient quality control problems in production were identified and solutions were submitted

Solutions were provided for warehouse and inventory

Solutions were offered for excess costs arising from wrong transactions in logistics system

Internal audit guideline was prepared including internal audit charter, audit committee charter, internal audit organization chart, job description of Chief Audit Executive, work papers, report types etc were prepared. Ultimately, a CAE was recruited and internal audit guidelines is now applied

E-Sector: Technical Textile-Chemistry Manufacturing and Sales

Demand and Problem

As diversity of operations has increased, the firm has set a new company specialized in certain products and has split the company in two. In this sense, some departments under the same holding company, serves for multiple group companies.

As outsource srvice, internal audit is demanded as a need for Turquality application process. It was aimed to review and evaluate existing risks and internal controls in business processes of departments, Anotner pupose was, as the company targets foreign markets which is important for sustainability and become a global organization, it has demamnded outsource internal audit service.

Sample Solution Suggestions

  1. Suggestions to empower the organization about strategy and risk management,
  2. Suggestions about developing and simplification of organizational chart for processes to be rightly navigable,
  3. With business loop logic, suggestions to make relations in finance and accounting sub-departments better with risk and contol monitoring purpose,
  4. Suggestions to revise company procedures for hem to be in line with operational flows,
  5. Suggestions to make cash planning and management develop,
  6. Suggestions to use uniform chart of accounts correctly,
  7. Suggestions to use company insurances and follow up of fixed assets better,
  8. Suggestions about potential risks in export,
  9. Suggestions to coordinate software used in company and future software needs,
  10. Suggestions about training in risk, internal control and process development,
  11. Suggestions about potential fraud risks (red flags) .

F-Sector: Medical and Mechanical Manufacturing

Demand and problem

Our client is currently using self-developed/tailor-made Enterprise Risk Management (ERP) software and other integrated software for barcoding, employee and manufacturing functions. Teolupus is expected to analyze, assess and evaluate sufficiency of current software:

  • Diagnosing sufficiency of current software to assess to meet needs of departmental processes.
  • Diagnosing current software to assess sufficiency to meet needs of ERP, barcoding, employee and manufacturing functions.
  • Diagnosing current software sufficiency to assess to meet needs of sectoral functions.

Sample solution suggestions

Our client produces connecting parts, fittings, pressure balancing components and medical products in medical and mechanical manufacturing sector who asked us to serve and report  the following tasks;

  1. Preparation of sufficiency report of current software based on 3 analysis criteria.
  2. List of unmet processes.
  3. Documenting functional mapping and solution architecture of current software.
  4. Notes of analysis of current state.
  5. Documenting of coding structure of self-developed/tailor-made software and analysis points about working principles of client.

Teolupus was expected to assess and evaluate efficient use of current ERP, barcoding, employee and manufacturing functional software for future corporate needs based on strategic planning.

G-Sektör: Forestry products

Demand and problem

Strengthening internal audit in the path of institutionalization

Sample solution suggestions

Our customer that operates in forest products and chemicals industry has started to establish internal audit department in parallel with Turquality Works. Teolupus has provided assistance and advisory services to establish internal audit function and corporate training of internal audit team (entreprise risk management, internal control, internal audit, accounting), writing internal audit charter, developing implementation methodology and internal audit plan.

Content of assistance and advisory services are following:

  1. Corporate trainings include:
    • Internal Audit Training
    • COSO Internal Control Framework Training
    • COSO Enterprise Risk Management Training
    • Financial and Cost Accounting and Financial Statements Accounting
  2. Internal Audit Charter
  3. Internal Audit Strategy
  4. Internal Audit Resources
  5. Internal Audit Plan
  6. Internal Audit Guidance
  7. Internal Audit of Procurement of Raw Material (Wood)
  8. Internal Audit of Manufacturing Process
  9. Internal Audit of Cost Accounting

Internal Audit and Risk Management Services

  • Would you like to know your corporate risks, increase effectiveness and efficiency of your controls, write and update your procedures, increase the cometition strength and reputation of your company?
  • Are you prepared for fraud risks?
  • Do you think that your activities have reached a size beyond your controls?

E-commerce Audit Services

Worldwide pandemic has caused suspending production and trade substantially. During quarantine, consumers have changed their ways of shopping and the most popular way has been online shopping / e-commerse. In this transformation, cargo companies have taken an outstanding role in distribution process.

Cost Optimization Services

  • Close communication with customers for payments of pending receivables
  • Postponing payments to suppliers as much as possible
  • Postponing financial debts
  • Cut down salaries and wages ve layoff
  • Cut down general expenses as much as possible
  • Applying for state assistance

Dealer (Franchise) Audit Services

  • Do you audit your dealers?
  • Analysis of the franchise contract in terms of legal risks
  • Analysis of the franchise contract in terms of commercial risks
  • Complience contro of the franchise contract
  • Analysis and periodical report of the financial status of your dealers
  • Are your dealers (franchisees) following the conditions of the dealer (franchise) contract?

Store Audit Services

  • Do you audit your dealers?
  • Analysis of the franchise contract in terms of legal risks
  • Analysis of the franchise contract in terms of commercial risks
  • Complience contro of the franchise contract
  • Analysis and periodical report of the financial status of your dealers
  • Are your dealers (franchisees) following the conditions of the dealer (franchise) contract?

ERP Consulting Services

  • Do you receive the optimum efficiency from your current ERP software?
  • How can you be sure that you choose the right ERP for your company?
  • Have you done sufficient preperation for the application and implementation of the new ERP?
  • Has the time come to for the transition to the new ERP in your company?
  • Do you think your employees and your internal processes are ready fort his change?
  • Do you want to increase efficiency of your current ERP software?

Human Resources Services

  • Are yout turnover and profitability are declining?
  • Are you having difficulty in competing with your competitors?
  • Don’te your customers prefer your products as much as they used to?
  • Are your employees not happy neither?
  • Is the family the problem? Is it decisions of us as the board of directors? Are our managers the problem? Our employees? The systems we set up?

Fixed Asset Services

  • Are you counting your inventory properly?
  • How do you trace your fixed assets?
  • Are you sure that you protect your assets?

Counting the fixed asset inventory, establishment of follow up and management system, audit of fixed asset management process.

Machinery & Equipment Inventury and Valuation Services

Global pandemic may force companies take tough decisions. Learning real value of company assets is critically important in taking management decisions. We as Teolupus, provide valuation services for your machinery and equipment that is part of your company assets.

Digital Transformation Services

Don’t Let Technology Manage You, You Manage Technology

We prepare your “Digital Road Map” aligned with your targets and strategies by determining your company’s digitalization level.

Reviewing the systems that comprise your infrastructure, customer relations and work processes (transaction flows) as per the priorities of your company is critical for sustainability of your company.

Managing Legal Risks Services

Law is one of the “Risk Management” tools. After risk actualizes Certainly it’s necessary to get the best result. But correction after risk actualization creates a financial burden on your company and takes your time. Therefore, risks that pose legal threats must be eliminated or managed.

Strategic Management Consulting

For your company to sustain activities in the long term, maintaing competetive advantages and make profit, it must use its resources effectively and efficiently as well as take and evaluate effective decisions.

Corporate Risk Management

Risk is not always a source of fear, it may be an opportunity when it’s managed efficiently.

Commercial targets naturally involve various risks and these risks change in time. Sales, access to new markets, collection of revenues, access to financial resources, technology, cost reduction efforts, compliance to legislation, information technology risks, financial risks, operational risks and changes in accounting and auditing rules are just some of the uncertainties of today’s turbulent world.

Institutionalization and Professional Management Services

Risk is not always a source of fear, it may be an opportunity when it’s managed efficiently.
Commercial targets naturally involve various risks and these risks change in time. Sales, access to new markets, collection of revenues, access to financial resources, technology, cost reduction efforts, compliance to legislation, information technology risks, financial risks, operational risks and changes in accounting and auditing rules are just some of the uncertainties of today’s turbulent world.