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So, to answer the question as to the meaning of the Operational Audit Process, it can be termed as an audit focused on increasing efficiency, effectiveness, cost reduction & business operations. Its main focus is to remove errors rectify mistakes shorten overstretched procedures and processes that ultimately affect the cost of the business, where it could be reduced it is not focused on whether things were done correctly or not but rather on improving and moving towards making possible improvements so that the processes and procedures can be improved.  Objectives: Primarily there are 2 main objectives: 1) Appraisal:  It can be of the company’s performance, employee performance, remunerations, and the value of assets, creditors/debtors, workforce, company costs, and product retail prices. 2) Evaluation:  It can be of company policies, company plans, organization structure, controls, profitability, and workforce. Advantages of Operational Audit: 1 )  Op...

The EPCG Scheme of Export Promotion of Capital Goods Scheme was intended to promote the export of goods and services with the aim of increasing exports. This is given In the Foreign Trade Policy which is currently under 2015-2020. There are 2 types of EPCG Authorization: a)       Pre-Import of Capital Goods: allows import of capital goods for pre-production, production, and post-production at Zero customs duty except those capital goods which are specifically excluded. b)       Post-Import of Capital Goods : in the form of duty credit scrips can be obtained from the department and such scrips either can be utilized for payment of customs duty on the import of goods or can be sold in the open market. The procedure of EPCG Application: Application to the Regional Authority (Head/Branch/Regional Office) from a Chartered Certified Engineer in Appendix 5A. Nexus Certification from the (CEC) Copy of certification to the Authority Aut...