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An operational audit is a proven tool that helps you assess your subsidiary’s business practices, reveal operational risks, improve transparency, analyze managerial effectiveness, and examine legal, accounting and HR compliance.
The assessment skills of PTL Group’s audit team have been honed through years of experience managing the company’s own entities and dozens of local client subsidiaries. Placing an emphasis on fast and affordable auditing, our team focuses on identifying weak managerial and operational links or problematic practices, while offering a clear roadmap for change.
Operational Audits – Key Phases:
- Learning: Our in-house team learns your operations’ key functions.
- Meeting: Our experienced local managers conduct face-to-face interviews with your local management to determine the effectiveness of current working practices.
- Reporting: We provide you with a short report that includes our findings and our specific recommendations for change.
- Allocation: Based on our findings, we determine our staff allocation to your business (financial management, operations, logistics management, distribution and asset management.
*After the audit, PTL Group can be commissioned to implement improvement processes, management coaching programs and follow-up audits.
Operational Turnaround & Transformation
Distressed Chinese subsidiaries don’t have to stay that way. Typically commissioned by a parent company’s head office, operational restructuring or improvement can facilitate fast turnaround and lay the foundation for future success.
PTL Group specializes in initiating and guiding operational turnaround & transformation processes. In 2011 & 2012, PTL Group was awarded the Asia Turnaround and Transformation Association (ATTA) 1st Prize for submitting a successful business transformation project regarding a foreign-owned China joint venture.
Our turnaround project success is based on several key factors, namely our staff’s accessibility and diverse expertise in areas such as human resources, finance, logistics, marketing, IT, industrial management and more. For highly specialized projects, PTL Group hires individual professionals to serve as project leaders.
Read more about the four key areas we tackle during operational turnaround.
When Should Companies Consider Operational Audits in China?
After dealing with the inherent challenges that come with starting an operating business in China, many managers of international companies feel that they are not completely aware of all the details pertaining to their Chinese office operation. In order to fully understand their business, many managers request a management and operational audit in China. As a manager, an operational audit is the best way to fully understand all the facets of your business – and it is also a great tool for new managers who have just transitioned into their new positions.
Some companies request operational audits in China for a different reason altogether. After operating in China for some time, they feel the need to adjust, increase or downsize their Chinese activities. An operational audit can help them make informed decisions, while also assisting their business recovery & turnaround.
Yet another reason for conducting an operational audit in China is a lack of trust between the company’s GM and the local staff.
The business assessment or audit is meant to assist you in regaining full control of your Chinese branch, or understanding how to better proceed with changes you’d like to make in your business. It is that simple.