Audits & Assurance

Statutory Audits of Indian Companies and Foreign Companies having operations in India

The Firm, based on years of expertise has developed, employs and implements the latest methods of audit, for maximizing audit efficiency through a risk based international audit approach. This enables timely delivery and value, added advisory services to clients.

The Firms delivers international expertise with a domestic approach for a cross section of industries and entities which are professionally managed or family run enterprises. The Firm excels at deep domain expertise to the Board of the Companies for effective Corporate Governance, and reporting.

We are aware that the integrity and reputation of a client’s management could reflect on the reliability of their accounting records and financial representations and, therefore, on the Firm’s reputation. The Firm requires evaluation of all potential new audit and assurance service clients.

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Internal Audits

Internal audits are a key management control activity that ensures the internal business processes are consistent. It also enables the organisation to identify gaps in business processes as well as opportunities for improvement.

An internal audit is a form of audit process that occurs within the organisation to assess the conformity of internal processes and systems. The main objective of an internal audit is to verify and ensure that organisation’s policies and procedure are followed and also inform the top management about the gap in the policy compliance.

Tax Audits

There are various kinds of audit being conducted under different laws such as company audit/statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, Income tax law also mandates an audit called ‘Tax Audit’. As the name itself suggests, Tax audit is an examination/review of accounts of any business /profession carried out by the taxpayer from an income tax viewpoint. A Tax audit makes the process of income computation for filing of return of income, much easier.

Tax audit is conducted to achieve the following objectives: Ensure proper maintenance and correctness of books of accounts and certification of the same by tax auditor. Reporting of observations/discrepancies noted by tax auditor after a methodical examination of books of account.

Reporting prescribed information such as tax depreciation, compliance of various provisions of income tax law etc. This in turn enables and also saves time of tax authorities in verifying the correctness of income tax return filed by the taxpayer such as total income, claim for deductions etc.

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Fixed Asset Verification

Verification means 'Proving the truth' or 'Confirmation'. Verification is an auditing process in which auditor satisfy himself with the actual existence of assets and liabilities appearing in the Statement of Financial position. Verification is usually conducted through examination of existence, ownership, title, possession, proper valuation and presence of any charge of lien over assets.

Thus, verification includes verifying:

  • The existence of the assets and liabilities.
  • Legal ownership and possession of the assets.
  • Correct valuation, and Ascertaining that the asset is free from any charge.

Concurrent Audits of Various Nationalised Banks and PSU's

Concurrent audit is a systematic and timely examination of financial transactions on a regular basis to ensure accuracy, authenticity, compliance with procedures and guidelines. The emphasis under concurrent audit is not on test checking but on substantial checking of transactions. It is an ongoing appraisal of the financial health of an entity to determine whether the financial management arrangements (including internal control mechanisms) are effectively working and identify areas of improvement to enhance efficiency.

  • Ensure voucher / evidence, based payments to improve transparency.
  • Ensure accuracy and timeliness in maintenance of books of accounts.
  • Ensure timeliness and accuracy of periodical financial statements.
  • Improve accuracy and timeliness of financial reporting especially at sub-district levels.
  • Ensure compliance with laid down systems, procedures and policies.
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Assurance Audit - Utilisation Certification Audit

Audits are retrospective, independent checks on an organisation’s financial situation. They are often a legal requirement and are usually carried out as part of a team at the client’s premises.

An auditor will assess the client’s systems and records for accuracy, honesty and risk. Where audits are not required by law, many companies opt to have their financial information assured independently by accountancy firms.

  • Conducting risk analysis.
  • Developing your client communication skills.
  • Preparing financial statements.
  • Identifying where systems may be failing and recommending controls.

Stock Audits

Stock audit is considered as an important auditing term which refers to the physical verification of the inventory. Stock Audit is an independent check on the functions of the management, which has some value in the eyes of law and the taxation authority.

Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory. In other words, stock audit is a statutory process which every business institution needs to perform at least once in a financial year.

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